Governments across the globe continue to drive digitisation and implement measures to promote cashless societies. This can be seen from their encouraging support behind contactless payment methodologies and the ‘tap and go’ contactless payment limits being significantly increased, reducing the risk of transmitting the virus. COVID has certainly played the role of speeding up change and creating the immediate demand for the adoption of new innovative technologies.
According to MarketWatch, the contactless payments market was valued at over $9b in 2019 and is expected to grow at 12% over the next 4 years.
WIZZIT Digital has created a cost-effective solution for merchants to accept payments. As small businesses go back into business post the pandemic, the need for such solutions becomes all more important with the low levels of cash usage as well as becoming digital. WIZZIT created this technology to support these merchants in what will become a new digital world for many.
Mastercard has committed to bringing in 1b financially excluded individuals as well as support 50m MSME/SMEs and 30m women entrepreneurs in becoming financially included. Bringing in individuals will be done through a wide range of different programs and working with governments across the globe. For micro and small businesses, having access to working capital loans is the biggest hurdle to growth, therefore digitising their transactions, both on the sales and purchases side, will provide financial institutions with the means to evaluate them for credit.
WIZZIT Tap2Pay provides this ability and will reduce both the cost of and the barriers to accept payments digitally. This means reinventing the infrastructure that small shops need to accept digital payments.
WIZZIT looks to partner with industry players, such as banks, acquirers, PSP’s and Neo Banks to bring their solution to market.
The solution is certified under both Visa and Mastercard to operate SoftPOS technology including the PIN. The solution works on any Android operating system from 7.0 and above.
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