The global tech company is making great strides towards its goal of building a connected digital economy that's secure, sustainable and works for everyoneMastercard’s innovative technologies such as Tap on Phone, which turns an Android phone into a contactless card payment acceptance device, enable small businesses to embrace digital commerce.As the digital economy continues to grow, increasingly relevant financial solutions emerge.
Though the financial sector is already digitally transforming, there are still some barriers to progress, which include a preference for cash — often in areas where there is limited infrastructure. It is important to note that access to the internet and data is a critical enabler for adoption of digital financial services. Digital inclusion is a prerequisite for financial inclusion.
A stable, growing, connected small business can be the key to financial inclusion for the whole community, which turns an Android phone into a contactless card payment acceptance device, is further helping small businesses to adapt. Called Jaza Duka, Swahili for “fill up your store”, the resulting programme connects the dots between the small retailer, which has been procuring and selling little shampoo sachets for years, and the bank. The distributor who sells to the store owner becomes the data intermediary, making it possible for the store owner to get credit from the formal rather than the informal system at one-tenth the cost.
Yet farmers face significant challenges, including limited access to markets, access to working capital to secure quality seeds and pesticides, and access to relevant financial tools to pay and get paid efficiently.