Mastercard has announced a collaboration with Yoco to roll out 15,000 mobile Point of Sale (mPOS) devices to small and medium-sized businesses by the end of the year, while educating them on the benefits of going cashless.
To start accepting card payments, business owners simply connect the Yoco card reader to their Android/iOS smartphones or tablets. The hardware is paired with a comprehensive Point of Sale (POS) application and business intelligence portal to give businesses real-time access to sales insights and analytics, helping them to further boost their revenue through informed decision-making.
“Small and medium businesses employ over 60 percent of the labour force in South Africa, yet they lack the basic tools necessary to accept electronic payments and run their businesses effectively,” says Katlego Maphai, CEO of Yoco. “Through this partnership, we will empower even more small businesses that previously did not accept card payments, while growing the market and making a contribution to our economy.”
According to Mastercard, small and medium-sized merchants that have never accepted card payments are turning to mPOS solutions to expand their customer base and increase sales.
“While the number of South Africans with access to formal banking products has grown substantially over the last few years, the number of card acceptance locations – especially at small businesses – has not grown in parallel,” says Mark Elliott, Division President for Mastercard, Southern Africa. “Solutions like Yoco enable these small and medium businesses to respond to their customers’ increasing desire to pay for goods and services with payment cards rather than cash, which is higher risk, without making large upfront investments in infrastructure or facing high transaction costs.”
Since launching its mobile card acceptance offering in 2015, Yoco has grown its base to over 14,500 merchants and is now adding over 1,200 new merchants every month. Its affordable pay-per-use transaction pricing model with no fixed monthly rental fee appeals to smaller merchants that normally would not be able to afford traditional card terminals. According to Yoco, over 70 percent of its merchants had never accepted cards before.
The company’s growth is a result of its innovative distribution through the Yoco online store, where 80 percent of its card readers are sold. A business can register and purchase a card reader in less than five minutes, with delivery taking an average of two business days. Yoco is also expanding its physical retail distribution, where businesses can purchase a card reader from several national retail partners and its newly launched Yoco Store in Parkhurst, Johannesburg, and transact the same day
Hlobsile Manana, founder and owner of Mbali Rose Hair, says since signing up with Yoco, her businesses has flourished.
“I can use it on my tablet when I’m at the shop, and when I go out to markets, I’m able to use my phone. Around 65 percent of my sales are processed on Yoco. Offering customers card payments is not only more convenient, it also means they do not have to carry around large amounts of money and feel unsafe,” she says.
Now download a bank account
Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.
This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.
“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.
“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”
The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:
- Download the Absa App
- Choose the account you would like to open
- Tell us who you are
- To keep you safe, we will verify your cell phone number
- Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
- Tell us where you live
- Let us know what you do for a living and your income
- Click Apply.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.