Interswitch East Africa (Kenya) Limited has announced a groundbreaking partnership with Elie Technologies to introduce a new contactless payment solution, Tumatap. This innovative technology aims to empower Micro, Small, and Medium Enterprises (MSMEs) across the country by providing a seamless and efficient way to handle transactions without the need for additional hardware.
A New Era for MSME Payments
Tumatap represents a major leap forward in payment technology by enabling MSMEs to accept contactless payments directly through smartphones. Traditionally, point-of-sale (POS) systems required dedicated hardware to process transactions, which could be a significant barrier for smaller businesses due to costs and logistical challenges. With Tumatap, smartphones are transformed into powerful POS systems, allowing merchants to accept payments quickly and efficiently with just a tap.
This contactless payment solution aligns perfectly with the increasing global trend towards digital and contactless transactions, especially in the wake of the COVID-19 pandemic, which has accelerated the shift towards touchless payment methods. For Kenyan MSMEs, this advancement not only simplifies the payment process but also reduces the associated costs and operational complexities.
Enhancing Business Insights and Efficiency
One of the standout features of Tumatap is its ability to collect real-time data from transactions. This data is invaluable for merchants as it provides insights into customer behavior, purchasing patterns, and overall business performance. By leveraging this information, businesses can make informed decisions to optimize their operations, tailor their offerings to meet customer needs, and ultimately enhance their profitability.
The integration of real-time analytics also helps in reducing transaction costs and improving operational efficiency. Merchants can monitor their sales processes more closely, identify trends, and adjust their strategies to better align with market demands. This level of insight was previously available only to larger enterprises with sophisticated systems, but Tumatap brings these capabilities to MSMEs, leveling the playing field.
Commitment to Financial Inclusion
Peter Kawumi, Regional Managing Director at Interswitch, emphasized the company’s dedication to fostering a financially inclusive ecosystem. “This partnership allows us to leverage each other’s technological and operational expertise to deliver an enhanced payment experience for business owners and customers,” Kawumi stated. He further highlighted Interswitch’s commitment to building a more inclusive financial environment, noting that the collaboration with Elie Technologies is a significant step in achieving that goal.
The introduction of Tumatap is not just about technological innovation; it is also about making financial services more accessible to a broader segment of the population. By providing MSMEs with advanced payment solutions, Interswitch and Elie Technologies are helping to bridge the gap between traditional financial systems and the digital economy.
A Game-Changer for Kenyan Businesses
Wesley Masinde, Co-Founder and Chief Commercial Officer at Elie Technologies, described the partnership as a “game-changer” for Kenyan businesses. He highlighted the synergy between Elie Technologies’ contactless merchant acquiring soft POS technology and Interswitch’s robust switching and card processing capabilities. According to Masinde, this collaboration equips merchants with a powerful tool to enhance their payment processes and drive business growth.
The excitement surrounding Tumatap is palpable, as it promises to revolutionize the way MSMEs handle payments. By combining cutting-edge technology with practical solutions, Interswitch and Elie Technologies are setting a new standard for payment systems in Kenya. This partnership not only addresses the immediate needs of businesses but also paves the way for future innovations in the financial sector.
Conclusion
The launch of Tumatap marks a significant milestone in the evolution of payment solutions in Kenya. By leveraging smartphones as POS systems and providing valuable real-time data, Interswitch and Elie Technologies are empowering MSMEs to thrive in a competitive market. This partnership is a testament to the growing emphasis on financial inclusion and technological advancement in the region, setting the stage for a more dynamic and accessible financial ecosystem.
