Absa Bank Kenya has joined forces with global digital payment leader VISA to unveil a revolutionary payment solution called Absa Mobi Tap.
This groundbreaking solution, aimed at small and medium-sized enterprises (SMEs), enables businesses to accept card-based payments from customers using an Android smartphone, revolutionizing the purchasing process.
With Absa Mobi Tap, merchants can leverage their Android smartphones or tablets as a point of sale (POS), allowing customers to make payments by simply tapping their debit or credit cards on the device.
This convenient and secure solution eliminates the need for traditional PDQ/POS machines, streamlining transactions for both businesses and customers.
To start using the Absa Mobi Tap solution, merchants are only required to download the Absa Mobi Tap app from the Play Store, set up their profile, and they'll be ready to accept card payments seamlessly.
The payment process involves the merchant entering the transaction amount, followed by the customer tapping their contactless card on the back of the smartphone.
If necessary, customers can also enter their PIN to complete the purchase.
During the launch event, Elizabeth Wasunna, Absa Bank Kenya's Business Banking Director, emphasized the bank's strong commitment to digital innovation and its dedication to providing relevant payment solutions to Kenyan customers and small business owners.
She expressed her excitement about introducing another pioneering solution that offers merchants an innovative, cost-effective way to conduct their daily business operations.
Wasunna stated, "The new solution will enable businesses to accept contactless payments in a faster, easier, and more secure manner, facilitating the adoption of a cashless society for the benefit of all. This is yet another milestone in our journey to provide cutting-edge, tailored solutions to our customers."
Absa Mobi Tap harnesses Near Field Communication (NFC) capabilities to facilitate seamless communication between the merchant's device and the customer's contactless payment card.
The solution primarily targets SMEs, especially those with mobile operations that previously relied on cash or electronic funds transfer (EFT).
Already, merchants in various sectors such as ride-hailing drivers, restaurants, salons, and hardware shops have successfully adopted the solution.
"We understand the difficult and challenging business operating environment for many SMEs today and their need to maintain stable cash flow positions, hence Mobi Tap is removing the burden for SMEs to acquire PDQ machines for their payment needs," Wasunna added.
Recognizing the challenging business environment for many SMEs, Eva Ngigi-Sarwari, Visa Kenya's Country Manager, commended Absa Bank's commitment to empowering SMEs by removing barriers and expanding access to digital payment options.
She emphasized that Absa Mobi Tap would enhance financial inclusivity by enabling underbanked or unbanked SMEs to access digital payments.
“Along with the ability to accept more payments more easily and grow revenue, Mobi Tap will help increase financial inclusivity by providing under or unbanked SMEs greater access to digital payments," Ngigi-Sarwar said.
"Being a mobile-first country, the solution allows sellers to take advantage of the technology they already have – mobile phones, which are widely owned throughout the country."
"The partnership with Absa is part of our strategy to continue growing contactless payments for both consumers and merchants in a world where convenience, immediacy, and simplicity have become critical," Ngigi-Sarwari added.
The solution leverages the widespread ownership of mobile phones in Kenya, a country known for its mobile-first approach.
As part of the Absa Mobi Tap proposition, Absa Bank will offer an instalment plan for merchants to acquire NFC-enabled smartphones, ensuring affordability and accessibility.
This launch aligns with the recent introduction of a Standard QR Code, aimed at boosting digital payment usage in Kenya, making transactions easier, faster, more convenient, and secure for service providers and banks alike.
Absa Bank Kenya's collaboration with Visa has resulted in a groundbreaking payment solution that empowers SMEs, fosters financial inclusivity, and propels Kenya towards a cashless society.
With Absa Mobi Tap, businesses can embrace the convenience and security of contactless payments while leveraging the technology they already possess—their mobile phones.