How VeryPay
Impacts Retail
In the bustling markets of Africa, retailers often rely heavily on cash transactions.
The barriers are significant; the necessity of a bank account, the cost of a point-of-sale terminal, and the steep transaction fees for accepting card payments from major schemes like Visa and Mastercard. This makes EMV card payments impractical for many.
Enter VeryPay's innovative solution, a game-changer for merchants. By collaborating with Mobile Network Operators (MNOs), VeryPay transforms a merchant's smartphone into a user-friendly contactless payment device. This functionality enables merchants to accept digital payments directly from customers using VeryPay payment tokens linked to their mobile money account
The problem
Many merchants cannot accept digital payments due to financial exclusion and high fees.
Existing mobile money solutions are cumbersome and slow.
No digital records mean it’s harder to access credit and expand.
Company owners lack management information resulting in no business intelligence.
The solution
Merchant app turns smartphones into POS devices with low, controllable transaction fees.
Enables contactless tap and go payments direct from mobile wallet.
Digital payment records facilitate easy access to credit.
Back-office system gives real-time reporting and reconciliation for merchants.