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.
Mobile is the new branch
Standard Bank has launched an account for mobile devices that gives back 500MB of data a month
Standard Bank has introducd a R4.95p/m bank account called MyMo that customers can open on their mobile devices, loaded with data and airtime offerings and other benefits such as virtual and Gold physical card.
MyMo account holders will also enjoy the convenience of a cheque account through a Visa and Mastercard gold card. Once the account is open, users can choose to either receive R50 in airtime or 500MB of data a month, if their card is swiped more than four times a month. A further megabyte of data is loaded on the account for every R20 spent.
“MyMo is an account for everyone, whether you just landed your first job or have been around the block. With no documentation required it only takes a few minutes to open the account,” says Funeka Montjane, Chief Executive for Personal and Business Banking, South Africa, at Standard Bank Group. “For just R4.95 a month customer will be able to enjoy free swipes and ATM withdrawals at only R6.50 for amounts under R 1 000.
“Mobile is the new branch. This account is about bringing the mobile branch into customers hands, it is about convenience and security while banking.”
She says mobile offers low cost transactional banking which integrates people and businesses into the new connected economy, making mobile the new branch ecosystem that will drive and connect Africa’s growth. Physical connections to the economy are rapidly changing to digital where banks have to move from being financial institutions to service organisations.
“In the past people congregated in communities and eventually cities to maximise the advantages of connectivity. Today a simple hand-held device has the potential to open infinite doors, transforming individuals’ access to opportunities, regardless of where they are, and like never before in history.
“Historically, a bank account represented access to economic citizenship. Today, having a simple device enabling digital access to a modern banking platform is a passport to global connectivity and vast human development potential.”
The bank says it is using technology, and mobile phones in particular, to deliver low-cost transactional channels accessible to all our customers. The evolution in mobile can be seen in transaction options like cash back at the retail checkout till rather than the ATM, free digital banking rather than using a branch, and the ability to transact using digital wallets, even without a bank account.
“Developing comprehensive connected ecosystems requires a mind-set change from Africa’s banks,” says Montjane. “Banks will evolve away from traditional financial service organisations, into service ecosystems enabling broad universal access to almost everything like enhanced purchasing experiences of vehicles and homes, online procurement of goods and services and lifestyle elements like rewards and travel.
“These connectivity drivers will also act to future-proof evolving connectivity ecosystem by allowing us to offer untold future services while deriving income from as yet unrealised revenue streams,.
From a customer perspective, the kind of ecosystems of knowledge, access and, ultimately, connectivity that banks will come to provide will radically transform the share of life that almost all individuals will be able to access.”
Two-thirds of SA staff hide social media from bosses
With 90% of people in employment going online several times a day, it can be hard for most workers to keep their private and work-life separate during the working day (and beyond). The recently published Global Privacy Report from Kaspersky Lab reveals that 64% of South African consumers choose to hide social media activity from their boss. This secretive stance at work also extends to their colleagues, with 60% of South Africans also preferring not to reveal online activities to their co-workers.
Globally, the average employee spends an astonishing 13 years and two months at work during their lifetime. Interestingly though, not all this time is directly related to solving work tasks or earning a promotion: almost two thirds (64%) of consumers admit visiting non-work-related websites every day from their desk.
Not surprisingly, 35% of South African employees are against their employer knowing which websites they visit. However, more interestingly, 60% of South African are even against their colleagues knowing about their online activities. This probably means that colleagues constitute an even greater threat to future perspectives of an office slouch or maybe the relationships with colleagues are more informal and therefore, more valuable.
On the contrary, social media activity appears to be a less private domain for many and therefore, more suitable for sharing with colleagues but not the boss. This is probably because workers fear harming the public image of a company or interest in decreased staff productivity motivates companies to monitor employees’ social networks and make career changing decisions based on that. Such policies have led to 64% of South Africans saying that they don’t want to reveal their social media activities to their boss and 53% even don’t want to disclose this information to their colleagues.
A further 29% are against showing the content of their messages and emails to their employer. In addition, 3% even said that their career was irrevocably damaged as a consequence of their personal information being leaked. Thus, people are worried about how to build a favourable internal reputation and how not to destroy existing workplace relationships.
“As going online is an integral part of our life nowadays, lines continue to blur between our digital existence at work and at home. And that’s neither good nor bad. That’s how we live in the digital age. Just keep remembering that as an employee you need to be increasingly cautious of what exactly you post on social media feeds or what websites you prefer using at work. One misconceived action on the internet could have an irrevocable long-term impact on even the most ambitious worker’s ability to climb the career ladder of their choice in the future,” comments Marina Titova, Head of Consumer Product Marketing at Kaspersky Lab.
To ensure workers don’t fall prey of the internet threats at a work, there are some core guidelines to adhere to in the digital age:
- Don’t post anything that could be considered defamatory, obscene, proprietary or libellous. If in doubt, don’t post.
- Be aware that system administrators may at least, in theory, be informed about your web browsing patterns.
- Don’t harass, threaten, discriminate or disparage against any colleague, partner, competitor or customer. Neither on social networks or in messages, emails, nor by any other means.
- Don’t post photographs of other employees, customers, vendors, suppliers or company products without prior written permission.
- Start using Kaspersky Password Manager to ensure your social media and other personal accounts are not at risk of unauthorised access by someone else in an office. Install a reliable security solution such as Kaspersky Security Cloud to protect your personal devices.