Digital payment solutions offer a transformative path forward, allowing MSMEs to adopt secure, scalable, and efficient business practices. To explore these solutions, Channel Africa Radio spoke with Norman Nyawo, Head of Merchant Solutions at Standard Bank.

Nyawo highlighted the importance of digital payment systems for MSMEs, stressing the need for these businesses to have reliable payment acceptance capabilities.

“While cash remains a staple, we’re seeing a rise in card payment needs among small businesses. It’s essential for them to have tools that simplify payment acceptance and open up access to card payments,” he said.

Standard Bank’s new solution, SimplyBlu, provides MSMEs with a comprehensive digital payment system, combining card payment acceptance with access to critical business tools like sales insights and product reporting.

The solution also includes integrated stock and inventory management features, enabling business owners to monitor inventory directly through the card machine or via a downloadable merchant app. This app, available on Google Play and soon on the Apple App Store, facilitates seamless business management from a mobile device.

Security remains a top priority in the design of digital payment solutions.

“The platform is built with security at its core, ensuring safe transactions for both cardholders and business owners,” Nyawo noted, adding that robust security measures mitigate the risks of fraud, a frequent concern in card payment systems.

Looking to the future, Nyawo discussed key trends in digital payments, particularly the move towards “omnichannel” payment solutions.

This approach enables businesses to conduct transactions across various platforms, including mobile devices and card machines, fostering business flexibility and accessibility.

SimplyBlu also integrates QR payment options, such as SnapScan, making it easier for businesses to offer diverse payment options to customers.

“The ability to accept payments and manage inventory from anywhere is a vital trend shaping the future of MSMEs in South Africa,” said Nyawo, underscoring the potential of digital solutions to drive growth and resilience in the sector.

--ChannelAfrica--