Ecobank boosts cashless drive with Masterpass QR code

Ecobank has launched, the Ecobank MasterPass QR, a smart merchant solution that accepts payments for goods and services from mobile phone.

The Ecobank MasterPass QR is designed together with their partner, Mastercard to support Ecobank’s retail payment strategy.

The Ecobank QR allows merchants to accept payments from any mobile devices without a physical Point of Sale (POS) Terminal and the merchant receives payment instantly.

This eliminates the cost of physical POS terminals and reliance on network or internet connectivity.

The merchant is, therefore, able to have access to the payment instantly which brings a great benefit to the merchant by eliminating the costs associated with handling cash and provides the merchant with a record of all transactions.

Speaking at the launch of the event in Accra, Managing Director, Dan Sackey said the product will “eliminate the cost of travelling to the bank, cash shortages and related fraud issues.”

"As a bank, we intend in future to use the merchant sales records and volumes to support requests for financial support from merchants," he added.

The platform which sits on the Ecobank Mobile app, which was launched in November 2016 as part of our drive to put convenient and accessible banking services right at your fingertips.

The Ecobank Mobile app enables customers to transfer funds to any recipient at any bank in Ghana and across other 33 operating countries without stepping foot in a banking hall.

Speaking to JOYBUSINESS after the launch, Mr. Sackey said the launch of Masterpass QR code is also part of the bank’s efforts to focus on electronic channels going forward.

He also added that “we are there to for customers so if their needs are moving towards electronic, then there is the need to tailor products to meet their needs”.

Story by Ghana | Myjoyonline.com | Abubakar Ibrahim |[email protected]