UBA unveils MasterPass QR Bot to ease payment by SMEs, MSMEs operators

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United Bank for Africa (UBA), has introduced the UBA MasterPass Quick Response (QR) Bot which enables small and medium scale enterprises (SMEs) and micro, small and medium enterprises (MSMEs) businesses in Nigeria and across Africa to receive digital payments from their customers through scanning, using their Facebook account.

The bank said in a statement that the payment solution is part of its (UBA’s) efforts targeted at supporting SMEs, which remain a critical catalyst for the overall development of the continent’s economies.

UBA also stated that the payment technology is in line with its vision to create a sustainable and all-inclusive solution to the digital needs of businesses and individuals on the African continent.

“Specifically, this revolutionary solution developed by MasterCard International in partnership with Facebook will also enable small businesses in Nigeria and across Africa to receive digital payments from their customers through scanning, using their Facebook account and, Master Pass ‘Quick Response’ (QR).

“More importantly, with the UBA’s MasterPass QR, small and medium scale enterprises (MSMEs) will enjoy zero cost of enrollment, as they do not have to pay to enroll, while transaction costs will remain at par with existing charges used at PoS.

“Apart from assuring the freedom to shop across devices and channels, UBA’s MasterPass QR will revolutionised payment by democratizing the payment process, thereby eliminating a key challenge that merchants currently face, which is payment for goods and services beyond their current location. UBA Masterpass QR enables merchants, small and informal micro merchants, large corporations and governments pay and receive payments for goods and services using mobile phones.

“It also allows payment collection by SMEs through Facebook Messenger , delivering unified and instant self-service across a range of interconnected payment solutions,’’ said the bank.

Speaking in Lagos at the unveiling of MasterPass QR Bot, UBA’s group executive, digital and consumer banking, Mr. Anant Rao said: “Our customers are at the heart of our business, that’s why we keep going the extra mile to satisfy them. As we very well know MSMEs contribute significantly to the economy but remain heavily dependent on cash to run their business; however, consumers are demanding safer and more convenient ways to pay.

“The innovative new platform enables MSMEs in Nigeria receive digital payments from millions of customers by simply scanning,” he said.

Rao also stated that “access to mobile technology presents an opportunity to meet this demand, and the new UBA Masterpass QR Merchant App is set to change the payment landscape to the benefit of micro merchants across the country.”

He explained that the launch of the payment solution followed UBA’s commitment to introduce safer and more convenient ways to pay for goods and services in Nigeria and across the African continent.

He further said banking is going conversational and “UBA in partnership with Facebook is at the forefront of driving this innovation globally.”

“It is 100 per cent self-service and generation of the QR is immediate. Acceptance of payments can begin immediately the QR is generated, it is making banking simple.”

“As a group, we are committed to driving financial inclusion and empowering businesses across Africa. Our partnership with Mastercard enables us to deploy safe digital solutions for customers, and the UBA Masterpass QR Merchant App is just such a solution,” he added.

Rao confirmed that UBA will be working with other Mastercard partners that are experts in their respective fields thereby further supporting the local industry.

“By using Masterpass, our customers can know with confidence that they are paying with trusted technology, whether they are small business buying equipment at an office supply store or a family of four dining at their favourite neighbourhood restaurant,” he stressed.

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