New payment system targets MSMEs with contactless solution
Tech & Innovation
By
David Njaaga
| Aug 28, 2024
A new payment system targeting Micro, Small, and Medium Enterprises (MSMEs) in the country has been unveiled.
Interswitch East Africa and Elie Technologies recently launched Tumatap to help businesses use smartphones and feature phones as point-of-sale systems without needing additional hardware.
Interswitch East Africa Regional Managing Director Peter Kawumi said the partnership aims to change the payment experience for merchants and customers.
"We are committed to building a more financially inclusive ecosystem," said Kawumi, adding, “This collaboration is reshaping the payment landscape in the market."
Tumatap allows MSMEs to accept digital payments by tapping a card or device on a merchant's phone.
Elie Technologies Chief Commercial Officer Wesley Masinde noted the technology offers a practical way for small businesses to enhance their payment processes.
"Our partnership with Interswitch equips merchants with a powerful tool to grow their businesses," he said.
"We believe this will drive financial inclusion across the country."
Interswitch, which operates under the oversight of the Central Bank of Kenya, was recently approved to process card transactions for Tumatap merchants.
The partnership combines Interswitch's expertise in switching and processing with Elie Tech's soft POS technology, providing real-time transaction processing and enhanced fraud protection.
The new system targets sectors such as restaurants, bars, cosmetic outlets, pharmacies and small retail stores, aiming to make digital payments more accessible and secure for businesses and customers.