The country’s ambitious dream of moving toward a cashless economy received further boost, this week, when telecommunication giants MTN launched a new mobile money payment solution. The MTN Tap&Pay technology will enable mobile phone and merchant point of sale (POS) terminals to seamlessly connect to the MTN Mobile Money wallet, allowing subscribers to pay for goods and services simply by “tapping” their phones on a merchant point of sale device. Where previously a subscriber would go through their mobile money service in the phone and have to ensure the seller has a mobile payment option, the new technology will rely on a chip that the telecom will give to subscribers such that when the chip is swiped on the POS machine, it automatically interconnects a subscriber’s account to the POS. The user would then only enter their PIN code to complete the transaction. Central bank governor John Rwangombwa described the innovative merchant payment solution as a key milestone and a game changer in the drive toward cashless economy. This is not an overstatement. Many times, mobile money subscribers seek to pay for goods and services using the technology but they are undone by how limited it is. For transactions to be complete, both the seller and the buyer have to have mobile money accounts. But Tap&Pay, this burden will be eased as the seller would only rely on POS machines to enable transactions. This is a great development that should be fast-tracked and promoted among members of the general public. Although it is MTN that has hit the new milestone, the other players in the sector have to follow the trend and further ease electronic payment platforms for their subscribers In the same vein, concerned stakeholders should promote the new technology to boost its uptake so that the guaranteed efficiency and safety when transacting business using electronic payment platform is realised by all. Because digital financial services are proven enablers to economic growth given their ability to widen the tax base and create jobs, the MTN Tap&Pay innovation has opened up new horizons to a cashless economy.
