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Mastercard unveils new payment solution – SME-in-a-Box

Mastercard has announced a new low-cost payment solution – SME-in-a-Box – to allow small business owners to move their businesses online and accept a range of digital payments from their customers.

According to Mastercard, SME in a Box offers a low-cost acceptance service that can run on smartphones and is powered by Mastercard Payment Gateway Services. The solution also delivers speed and simplicity with remote digital onboarding services from Mastercard’s StartPath partners.

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“Through its Simplify Commerce offering, Mastercard will enable SMEs with a plug-&-play e-commerce store builder with an instant online checkout. These capabilities have been packaged as a bundled solution combined with special incentives to drive adoption and support business owners to tackle challenges during COVID-19.”

While sharing details about the solution, Gaurang Shah, Senior Vice President, Product Management, Digital Payments & Labs, Middle East and Africa – Mastercard, stated SME-in-a-Box provides SME owners with a “quick and simple” way to digitize businesses and build a platform for sustained future growth.

Mastercard then added it has made a global commitment to bring 1 billion people into the digital economy by 2025. This includes 50 million small businesses and 25 million women entrepreneurs.

It will be interesting to see how this boosts ease of receiving payments for SMEs, especially across Africa.