Cashless Payments and Business In Ghana: New Money Never Closes
March 8, 2016 | 3 minutes read
Over 130 million mobile money transactions in 20151, 5 million mobile wallets and a population of over 25 million2. These times signify limitless possibilities for commerce in Ghana!
In the ever-evolving world of business, a key differentiating factor between businesses that lead the pack and those that are left behind is their ability to rapidly adopt new technologies that increase productivity and outcomes. The local Ghanaian business scene is no different.
Cashless Payments, The Next Business Driver
When it comes to accepting cashless payments for goods and services, mobile payments is becoming the major technological driver. This has been due to its unique characteristic and ability to reach both the underbanked and unbanked sectors of the economy who form 80% of Ghana’s population. There has never been a better time to assess your business’ readiness to exploit the emerging opportunity for commerce in a cashless economy than now.
From cash to cheques, to credit cards and debit cards, and now to online banking and mobile commerce, payment methods and rise of mobile phone penetration is changing the way business accept payments!
MPower Payments, the foremost digital payments enabler in Ghana is propelling new innovative channels for businesses seeking to benefit from the cashless revolution. MPower recently introduced the MPower Mobile Point of Sale application (mPOS) to allow businesses operating from any physical location to accept various forms of cashless payments.
mPOS is designed to work across a wide spectrum of industries; from supermarkets, restaurants, hotels, salons, small shops, to delivery agents. No matter the business size, mPOS is easy to set up for various store locations or at multiple sales points within a single store.
Customers purchasing from mPOS enabled merchants can choose their preferred mode of payment – be it their MPower wallet, mobile money on any network or bank card. The mobile nature of mPOS means the point at which payments is made is not restricted to stationary cash registers and this can potentially go a long way to reduce queues. Businesses on the other hand will no longer lose sales from customers carrying limited cash. mPOS simplifies daily sales management and eliminates the risk of transporting physical cash to the bank.
MPower seeks to make mPOS accessible to every businesses by removing the financial barriers to inclusion hence set up is currently free.
Get started at www.mpower.com.gh or call MPower on 0202532273 to request a demo.
–First published on www.GhanaWeb.com
MPower Payments is rewarding users for their loyalty in using its payment services. To achieve this, MPower will be giving out rewards in the form of funds to several account owners.
MPower is an online payments service in Ghana offering a complete end-to-end web and mobile payment transactions solution to enable consumers and businesses to send, spend and receive money.
The rewards have been packaged as a standard amount of GHs100 for selected users who keep an active MPower account. The goal here is to reward active users hence the selected user must have completed at least two transactions within the week of selection.
Transactions performed on MPower currently take place in 3 main ways:
- Users transfer/send money or tokens to other accounts including MPower, bank, and the various mobile wallets of local network operators.
- Users also make payments to merchants:
- Purchasing products from online stores that have integrated MPower as a payment option.
- Paying for services from providers who accept remote payments via MPower.
- Purchases on MPower CornerShop:
- Airtime top-ups for all networks
- Internet bundles purchases
- Utility bills payments
- Vouchers vended by services
Users can also initiate another transaction type by making requests to other account owners via PayPal, mobile money wallets, and MPower tokens using the receive money feature on MPower.
Fees and charges that apply per the various transactions performed are listed on the MPower Service Fees page.
The giveaway/offer, which began on October 30, 2015, is set to run weekly till the end of December this year; coinciding with the gifting tradition of Xmas and New Year holidays.
Selections will be made each Friday and payouts will occur instantly to furnish the recipient’s MPower account with the reward. This amount can be spent in the same way as regular funds on MPower.