CAPE TOWN – uKheshe has further enhanced its offering to the unbanked by collaborating with Mastercard to enable informal traders, street vendors and casual labourers to accept digital payments through Masterpass, Mastercard’s digital payment service.
The domestically developed financial inclusion platform said in a statement on Monday that by combining their expertise and reach, the companies intended to boost financial inclusion, targeting the more than 11 million South Africans who are underbanked or unbanked and remain stuck in a cash economy.
Launched in November 2018 and backed by banking payments partner Nedbank, uKheshe enables consumers to make and receive payments by using a Quick Response (QR) code card and a smartphone on which the app is installed. No bank account is required and the uKheshe wallet grows as people pay into it.
To receive payments, their customers simply scan the QR code with any Masterpass-enabled app – including SnapScan and Zapper – and money is immediately transferred to their ewallets.
The co-founder of uKheshe, Clayton Hayward, said the partnership with Mastercard enhanced their offering, but most importantly, it assisted in addressing the growing challenge of South Africa’s unbanked.