MasterCard and Blue Label Telecoms Limited (Blue Label) has announced a partnership that will see 22,000 small traders and rural shops in South Africa equipped with Point of Sale (POS) devices, enabling them to accept card payments for the first time.
Blue Label currently provides thousands of POS terminals in South Africa, which are used predominantly to sell prepaid vouchers such as airtime and electricity and are identified by the BLU Approved branding. Servicing millions of customers in rural areas and under-served settlements, these BLU Approved traders have historically operated on a cash-only basis.
“Over and above the estimated 100,000 spaza shops spread across South Africa, there are tens of thousands of small- and medium-sized retailers and service providers. Through our partnership with MasterCard, we will introduce many of these businesses to the safety, security, and convenience of electronic payments, enabling financial inclusion in communities where consumers have largely been unable to use formal payment products,” says Mark Levy, Joint CEO, Blue Label.
“While the number of South Africans with access to formal banking products has increased significantly in the last year, the number of card acceptance locations – especially in rural and peri-urban areas – has not grown in tandem,” says Philip Panaino, Division President, MasterCard, South Africa.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.