In a significant step towards boosting financial inclusion, Mastercard and KaiOS have joined forces to simplify digital payment acceptance for small and medium-sized enterprises (SMEs) in developing markets. The partnership aims to overcome the challenges faced by SMEs in adopting digital payments by offering affordable solutions through KaiOS’s feature phones, starting with Côte d’Ivoire and Nigeria.
Bringing Digital Payments to Underserved Markets
In many emerging markets, SMEs often face significant barriers to adopting digital payment systems. The high cost of traditional payment terminals and complex technical implementation make it difficult for small businesses to participate in the digital economy, which in turn limits inclusive growth. This new collaboration between Mastercard and KaiOS seeks to break down these barriers by allowing SMEs to use low-cost KaiOS-powered devices to accept payments securely and efficiently.
One of the key features of the partnership is the integration of Mastercard’s QR Pay by Link solution. This enables businesses to accept payments using their KaiOS devices without the need for expensive point-of-sale terminals. As the collaboration grows, Tap & Go contactless payment technology will also be introduced, further expanding the digital payment options available to small businesses.
Empowering SMEs with Simple and Affordable Solutions
A major focus of this initiative is to make digital payments easy to adopt. Business owners can sign up for the service directly from their KaiOS-powered phones by simply entering their credentials and completing a one-time password authentication. This streamlined process allows even the smallest businesses to quickly access a range of payment options, bringing them into the fold of the digital economy.
Jorn Lambert, Mastercard’s Chief Product Officer, emphasized the importance of enabling digital payments for all businesses, saying, “Acceptance fuels a successful digital economy, so it’s critical that we meet people where they are today and move them forward together. Whether it’s a micro-merchant in Côte d’Ivoire or an enterprise in Indonesia, our goal is to make it as easy for merchants to accept digital payments as it is for consumers to make them.”
Focus on African Markets and Local Partnerships
While this initiative will eventually expand to other regions, the initial rollout is focused on African markets initially focusing on Côte d’Ivoire and Nigeria where the need for affordable digital payment solutions is particularly acute. Mastercard and KaiOS have partnered with local players like Touch and Pay Technologies (TAP) and Wizzit to bring these digital payment solutions to a wider range of merchants.
Olamide Afolabi, CEO of TAP, noted the impact this partnership will have, stating, “By integrating KaiOS into our platform, we’re enabling millions of users with feature phones to access seamless digital payment solutions and financial services that were previously out of reach. This partnership is a vital step in driving financial inclusion and empowering communities through technology.”
Advancing Financial Inclusion Through Affordable Technology
KaiOS Technologies has been a pioneer in connecting underserved communities to the digital world through affordable internet-enabled devices. By teaming up with Mastercard, the company is extending this mission to financial services. The integration of secure payment technologies into low-cost feature phones will allow more small businesses to engage in the digital economy.
Sebastien Codeville, CEO of KaiOS Technologies, highlighted how this partnership brings new opportunities for small businesses: “By bringing Mastercard’s secure payment technology to affordable internet phones running KaiOS, we’re unlocking new opportunities for small businesses and entrepreneurs, allowing them to participate in modern commerce more fully. This innovation brings down the barriers and enables an affordable consumer device to become a powerful business tool.”
Building a More Inclusive Global Economy
As part of Mastercard’s broader strategy to expand digital payment acceptance in underserved regions, this partnership with KaiOS represents a significant leap toward creating a more connected and inclusive global economy. By equipping SMEs with affordable, secure digital payment tools, Mastercard and KaiOS are laying the groundwork for greater economic participation and growth in emerging markets.
Source – Mastercard press release
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