Mastercard to sell online payment platform to SMES
MASTERCARD Inc. announced it recently launched a simple and secure platform it says would “enable small business to make it easier for them to accept electronic payments, regardless of payment network.”
“Mastercard consistently introduces efficient, secure and accessible payment technologies to support businesses as they respond to consumers’ changing habits and needs,” Simon calasanz, Mastercard country manager for the Philippines, was quoted in a statement as saying. “This is also essential in creating an inclusive digital economy, with the majority of businesses in the country made up of micro-scale, small and medium enterprises.”
In the Philippines, the platform is made available to small and medium-sized merchants through the Metropolitan Bank & Trust co. (Metrobank), the first acquirer of the platform in the country and in Southeast Asia. calasanz said payment technologies are playing an important role in the rapid adoption of ecommerce in the region.
citing a recent study by Mastercard, calasanz said there was a change in behaviors and attitudes among the consumers brought about by Covid-19. The survey said around 40 percent of surveyed consumers in the Philippines, Malaysia, Singapore and Thailand reported an increase in their use of home delivery services and online shopping platforms.
He added these changes in purchasing habits also brought led to a shift in payment methods, with the majority of consumers in all markets surveyed, and 64 percent in the Philippines, reporting a significant decrease in cash usage.
Calasanz emphasized the platform they call “Simplify commerce” is a user-friendly platform that allows business owners with minimal technical skills to set up the platform within minutes, easily create their own web store and sell products on ecommerce and social media channels.
“Merchants will be able to accept electronic payments online, in-app and in person using the platform’s virtual terminal. Moving away from physical invoices, merchants can issue secure e-invoices branded with their own business logo and branding, all managed from a central dashboard,” calasanz said. “Simplify also has a mobile app for IOS and Android that allows merchants to manage payment activities and add products to the storefront in real time and on the go.”
“Simplify commerce” is just one of the solutions from Mastercard to drive digital acceleration among small businesses. By enabling small businesses to open online storefronts, Mastercard can help them build new revenue streams and emerge stronger to ensure success in the digital environment.