Telkom Financial Services has launched the Telkom Pay Mobile Point-of-Sale (mPOS) app, a fintech tool that allows small, micro, and medium business owners to make and receive payments through their mobile phones.
Telkom says that the said businesses will be able to use the app anytime and anywhere.
The South African telecom provider says it is committed to providing SMMEs with solutions that will enable them to fully participate in the digital economy. Through the app, business owners can register and receive payments in a matter of minutes.
“The COVID-19 pandemic has accelerated the need for businesses to digitize their operations and become fully immersed in the digital economy. The app will enable businesses, who normally only take cash payments, to reach a wider customer base. It enables business owners to take their business digital without incurring drastic costs,” Telkom Financial Services managing executive Sibusiso Ngwenya said.
The Telkom Pay mPOS app is available to Android, Apple, and Huawei users on the respective app stores and requires no paperwork or a physical point-of-sale device. It is a pay-as-you-use solution with a competitive rate of 2.5%.
Telkom Pay mPOS also includes a virtual card that is built into the app. Businesses can transfer funds from the app to their business accounts and can replenish inventory from their suppliers using the EFT functionality that is integrated into the solution.
“Telkom Pay mPOS is not just a point-of-sale machine. It is a solution that allows businesses to access an array of business functionalities all in one app. Business owners can receive payments from customers by simply tapping their cards or scanning a QR code, they can also use the app to pay employee salaries,” Ngwenya said.
Since 2020, Telkom Financial Services has introduced insurance, lending, and payment solutions to bring affordable financial tools not just for SMMEs but customers as well. In December 2020, Telkom introduced the Telkom Pay Digital Wallet, a payment service that allows consumers to make and receive payments through WhatsApp.
