TELKOM Financial Services has launched the Telkom Pay Mobile Point-of-Sale (mPOS) app, a fintech tool that allows business owners to make and receive payments through their mobile phones. The app is aimed at simplifying business for small, micro, and medium enterprises (SMEs).
Telkom said it was committed to providing SMMEs with solutions that would enable them to fully participate in the digital economy. Through the app, business owners could register and receive payments.
Telkom Financial Services managing executive Sibusiso Ngwenya said, “The Covid-19 pandemic has accelerated the need for businesses to digitise their operations and become fully immersed in the digital economy.
“The app will enable businesses that normally only take cash payments, to reach a wider customer base. It enables business owners to take their business digital without incurring drastic costs.”
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 percent. 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 could 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.