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