DURBAN - Spazapp and Mastercard have collaborated to bring seamless and convenient mobile payments to thousands of informal traders.
To celebrate the collaboration CEO of Mastercard Ajay Banga visited informal traders. Mastercard and Spazapp intend on unlocking economic growth by helping informal micro-businesses connect to formal markets and digital payment system.
The informal sector has annual sales of R46 million with more than 9 million households frequently shopping at these shops. These shops represent the economic backbone of many communities while their true potential remains untapped as they do not have the tools necessary to accept electronic payments run their businesses effectively.
Through this partnership, Mastercard has integrated its digital global payment service Masterpass into Spazapp. The app is a free money-saving android application that connects a community of informal traders directly to FMCG brands like Unilever and Tiger Brands.
By digitising the entire value chain these micro-businesses:
1. Can generate significant savings on stock procurement
2. Reduce the security risks and high costs of cash
3. Better serve their customers