This is a first-of-its-kind service in South Africa. For payment, users simply open the MasterPass app on their mobile device and scan the QR code.
With the launch of Virtual Card Service’s virtual Point of Sale (vPOS) – South Africa’s first virtual payment solution, small enterprises and mobile businesses can now accept digital card payments in-store, remotely or on-the-go using their connected mobile devices.
“We designed the vPOS to meet the needs of merchants who do business ‘on the move’ and need to accept card payments wherever they are conducting business – be that at someone’s house or selling products at weekend markets or roadshows,” said Wouter Uitzinger, COO at VCS. “We see enormous potential for the solution in South Africa, especially with the large number of informal traders, and the growing population of smartphone users.”
Merchants can sign up for vPOS by simply applying for an affordable merchant facility directly from Virtual Card Service, after which they will have download the vPOS app from the Android or Apple app store and authenticate their credentials.
To accept payment, users will simply need to enter the transaction amount on the app’s keypad and generate a MasterPass Quick Response (QR) code that is displayed on their own device.
On the consumer front, users will have to download the MasterPass app from their app store, register, and load their credit, debit or cheque cards from any bank into the digital wallet.
For payment, users simply open the MasterPass app on their mobile device and scan the QR code. They select the card they wish to use, enter their bank PIN number on their own device, and voila! Transaction is complete.
“Mobile technologies have emerged as a powerful tool for shop owners and mobile businesses to accept digital payments,” says MasterCard South Africa's Head of Market Development, Anton van der Merwe. “As a fast, easy and inexpensive POS device that can be used literally anywhere, the vPOS has the potential to open up new revenue channels for merchants and enable them to meet the demands of today’s connected shopper.”
According to a press release from the company, a MasterPass transaction is classified as an Authenticated Mobile Transaction by South African banks.