Interswitch East Africa has announced a groundbreaking partnership with Elie Technologies to introduce Tumatap, a new contactless payment solution to empower Micro, Small, and Medium Enterprises (MSMEs) in Kenya.
This innovative technology allows businesses to accept payments directly through smartphones, transforming them into point-of-sale (POS) systems without additional hardware.
Read also: UNDP, Nigerian government launch timbuktoo fintech hub, unveil pioneer cohort
A new era for MSME payments
Tumatap represents a significant advancement in payment technology, addressing the barriers that smaller businesses face when adopting digital payment solutions. Traditionally, POS systems require dedicated hardware, which could financially burden MSMEs. With Tumatap, merchants can accept contactless payments simply by tapping a card or device on their smartphones, streamlining the transaction process and reducing costs.
This solution aligns with the global trend toward digital and contactless transactions, which has accelerated due to the COVID-19 pandemic. For Kenyan MSMEs, Tumatap simplifies payment processing and enhances operational efficiency, allowing businesses to focus on growth and customer satisfaction.
Enhancing business insights with Tumatap
Transactions give Tumatap the convenience of receiving real-time information. The information collected helps merchants understand how customers behave and their buying potential. These discoveries allow firms to adapt their products and services to their customer’s needs and requirements, thus improving profit margins.
In addition, real-time analytics addresses transaction costs and enhances speed and efficiency. Business people can track their selling activities and learn the benefits and disadvantages of changing strategies to meet market needs. Analytical depth like this was, until recent years, feasible only for business giants; Tumatap makes it possible for MSMEs.
Read also: Shago Payments and Fidelity Bank’s ₦811 million chargeback dispute
Interswitch’s commitment to financial inclusion
During the event, Peter Kawumi, Interswitch’s Regional Managing Director, stressed the partners’ commitment to increasing and supporting financial inclusion in the region. He said, “This arrangement enables both to bring our technological and operational strengths to the table toward providing an improved and convenient payment solution for business proprietors and consumers.”
Commenting on the partnership, Wesley Masinde, Co-Founder and Chief Commercial Officer at Elie Technologies, said it was a game-changer for Kenyan businesses. Integrating Elie Technologies’ contactless Merchant acquiring soft POS with Interswitch’s practical switching and card processing offers merchants leverage to adopt efficient tools for business performance and growth of their payment solutions.
The introduction of Tumatap is a significant new advancement in Kenya’s development of payment solutions. In conclusion, Interswitch and Elie Technologies are preparing MSMEs for a competing world by converting Smartphones into efficient POS machines and delivering valid real-time data. This partnership tackles the organisation’s and companies’ current demands while building for the future of financial services in the region by strengthening the focus on financial access and financial instruments’ technology.