With Absa Mobi Tap, customers who are Absa Bank Uganda account holders can make payments by simply tapping their debit or credit cards on their Android mobile phones or tablets.
KAMPALA, UGANDA | NOW THEN DIGITAL — Absa Bank Uganda has unveiled its latest digital payment solution, ‘Absa Mobi Tap,’ aimed at enabling businesses to accept card-based payments from customers using smartphones.
This innovative service, available to Absa customers on Android mobile phones, allows users to conveniently make payments by simply tapping their debit or credit cards on their phones or tablets.
Advancing Towards a Cashless Economy
During the launch event held at the National Theatre, Michael Segwaya, the Executive Director and Chief Finance Officer at Absa Bank Uganda, emphasized the transformative power of technology.
He highlighted how the introduction of the ‘Absa Mobi Tap’ revolutionizes the traditional concept of cash transactions, eliminating the need for physical cash handling and armored vehicles.
“Technology is taking us a notch higher. Imagine your phone being able to collect money from your shop! The whole business of bullion vans is changing since you can have all your transactions on your phone or small gadget and it is the cashless economy we are introducing,” he said.
“One of the hindrances to the growth of MSMEs is the fact that a majority are informal and unbanked, which hinders their ability to access credit or attract investors. With this development, we are presenting an option for small businesses to have a clear, digital record of their transactions – which will go a long way towards helping them better manage their finances and demonstrate their viability to potential funders.” he added.
Empowering MSMEs and Driving the Digital Economy
Absa Bank recognizes that many micro, small, and medium enterprises (MSMEs) face challenges in accessing credit and attracting investors due to their informal and unbanked nature.
By providing small businesses with a clear and digital record of their transactions, ‘Absa Mobi Tap’ aims to help them improve financial management and demonstrate viability to potential funders. This development marks a significant step in empowering MSMEs and fostering the growth of the digital economy in Uganda.
The Power of Smartphones and the Absa Mobi Tap Solution
Musa Jallow, Absa Bank Uganda’s Retail Banking Director, emphasized the transformative impact of smartphones on society. He stated that smartphones have evolved beyond being mere communication devices and have become powerful tools that enhance lives worldwide.
With ‘Absa Mobi Tap,’ any regular smartphone or tablet can be transformed into a secure digital payment terminal, eliminating the need for additional hardware. This innovation not only reduces operating costs for business owners but also ensures a seamless experience for customers.
“Smart phones have completely changed the way we view the mobile phone. It is more than a device that we use to make calls. The mobile phone has become a powerful tool transforming lives for millions of people not only in Uganda but the entire world. The Absa Mobi Tap is going to tone a regular smart phone or tablet into a secure digital payment terminal that requires no additional hardware,” Jallow said.
“This automatically translates into lower operating costs for the business owner while ensuring a seamless experience for the customer. Through this we are empowering small and medium enterprises deeper into the financial system and aiding their formalization by helping them manage their finances.”
Enabling Financial Inclusion and Formalization
By integrating small and medium enterprises deeper into the financial system, ‘Absa Mobi Tap’ supports their formalization and helps them manage their finances effectively. This advancement is in line with Absa Bank’s commitment to driving financial inclusion and empowering businesses of all sizes to thrive in the digital era.
Uganda, welcome to the seamless world of digital transactions with our #AbsaMobiTap, an app that allows you to use your smartphone as a Point of Sale (POS) machine for customers to make payments using any contactless-enabled 💳 card.
— Absa Bank Uganda (@AbsaUganda) July 19, 2023
Our #AbsaMobiTap functionality is a first of its kind on the Ugandan market that seeks to ease transactions for Micro Small and Medium Enterprises (MSMEs). The app turns merchants’ phones 📲into payment terminals that are safe and secure with the latest technological innovations. pic.twitter.com/OiqlEbgHkQ
— Absa Bank Uganda (@AbsaUganda) July 19, 2023
Embracing a Digital Future
The introduction of ‘Absa Mobi Tap‘ signifies a shift towards a more digitized and cashless economy in Uganda. As technology continues to evolve, Absa Bank remains dedicated to providing innovative solutions that cater to the changing needs of businesses and customers alike.
With ‘Absa Mobi Tap,’ the power of digital payments is at the fingertips of Ugandan businesses, revolutionizing the way they conduct transactions and paving the way for a more efficient and inclusive financial landscape.
Editor’s Note: If you come across any inaccurate or outdated content, kindly reach out to us at email@example.com for immediate assistance.
You’re reading nowthendigital.com — which breaks the news about Uganda, Kenya, Nigeria, South Africa and the rest of the world, day after day. Be sure to check out our homepage for all the latest news, and follow NOW THEN DIGITAL on YouTube, Google, Web Stories, Google News, Medium, LinkedIn, Twitter, Reddit, Pinterest, Linktr, Buy Me a Coffee, Truth Social, and Flipboard to stay in the loop.