VeryPay in Retail
The Problem
Many small and medium sized businesses across Africa still use cash as their main payment method. The requirement to have a bank account and a pay for a point-of-sale terminal, plus the high transaction fees charged to accept card payments from the likes of Visa and Mastercard, mean that EMV card payments are just not prevalent. Furthermore, making a USSD payment for small, everyday purchases is time consuming and inconvenient.
Let us show you how VeryPay’s companion solution brings seamless, cashless digitisation and financial inclusion to retail in this short video
Watch NowThe Problem
Many small and medium sized businesses across Africa still use cash as their main payment method. The requirement to have a bank account and a pay for a point-of-sale terminal, plus the high transaction fees charged to accept card payments from the likes of Visa and Mastercard, mean that EMV card payments are just not prevalent. Furthermore, making a USSD payment for small, everyday purchases is time consuming and inconvenient.
a single transaction journey (instead of the usual fragmented experience) that combines payment and loyalty for speed and convenience.
Let us show you how VeryPay’s companion solution brings seamless, cashless digitisation and financial inclusion to retail in this short video
Watch NowVeryPay in Retail
VeryPay's Solution
Using the VeryPay solution offered by an MNO, a merchant can use functionality within his MNO app, that turns his smartphone into an easy-to-use payment acceptance device. They can now accept digital payments from any customer that has a VeryPay payment token connected to their mobile money account. The merchant doesn’t have to pay the high fees to Visa or Mastercard, instead he pays a much smaller fee to his MNO - boosting his revenues significantly.
Conclusion
More customers are attracted to the merchant’s shop, as he has a safe, convenient, tap and go payment solution. He also has a full suite of reporting capabilities so he can see all the transactions and the money he has saved on fees.
The MNO can offer extra utility to its mobile app, which helps drive app downloads and increases usage. It can offer an immediately accessible and convenient payment solution for retailers, which is cheaper to use than existing EMV based solutions and that they can earn a revenue share from. It drives financial inclusion by opening up digital payments to unbanked and underbanked populations.
