Ecobank has provided an innovative digital platform for its customers to transact business electronically.

The initiative dubbed the MasterPass QR is geared at bringing more convenience to customers. It is a smart merchant solution that accepts payments from any mobile phone.

This eliminates the cost of physical Point of Sale terminals and reliance on network or internet connectivity.

The MasterPass QR is being enabled in collaboration with MasterCard.

According to the managing director for Ecobank, Dan Sackey, the initiative will help the country’s efforts to achieve a cashless economy.

“We are aware that government, in its recent budget statement, has indicated its intention to support activities that promote financial inclusion to cover all segments of the Ghanaian population.

“We believe that this goal can be achieved faster and efficiently through the development of a cashless economy,” Sackey noted.

The country manager for Master Card, Obi Okuebunam said the MasterPass QR will help the bank channel its cost in acquiring Point of Sale (POS) devices into other areas of their operations.

“Globally only 15 percent of retail payment is done electronically. If you bring that further down to Sub-Sahara Africa that figure even becomes lower, maybe you are even talking about 5 percent … what this does effectively is that it uses a tool that is already in the merchant or the consumer’s hands and uses that as a form of payment. Therefore the mobile becomes a form of payment”.