Mastercard has on Wednesday announced a collaboration with South African fintech company Yoco to roll out 15,000 mobile Point of Sale (mPOS) devices to small and medium-sized businesses by the end of the year.
To start accepting card payments, business owners simply connect the Yoco card reader to their Android/iOS smartphones or tablets. The hardware is paired with a comprehensive Point of Sale (POS) application and business intelligence portal to give businesses real-time access to sales insights and analytics.
“Small and medium businesses employ over 60% of the labour force in South Africa, yet they lack the basic tools necessary to accept electronic payments and run their businesses effectively,” said Katlego Maphai, CEO of Yoco. “Through this partnership, we will empower even more small businesses that previously did not accept card payments, while growing the market and making a contribution to our economy.”
According to Mastercard, small and medium-sized merchants that have never accepted card payments are turning to mPOS solutions to expand their customer base and increase sales.
Since launching its mobile card acceptance offering in 2015, Yoco said it has grown its base to over 14,500 merchants and is now adding over 1,200 new merchants every month. According to Yoco, over 70 percent of its merchants had never accepted cards before.