Telkom Financial Services has launched a new fintech tool for small, medium-sized and microenterprises (SMMEs) that enables them to make and receive payments through their mobile phones.

The Telkom Pay Mobile Point-of-Sale (mPOS) application serves as a mobile speed point machine that can be used anytime and anywhere, with business owners able to register and receive payments in a matter of minutes through the app.

“The Covid-19 pandemic has accelerated the need for businesses to digitise their operations and become fully immersed in the digital economy,” said Telkom Financial Services managing executive Sibusiso Ngwenya.

“The app will enable businesses, who normally only take cash payments, to reach a wider customer base. It enables business owners to take their business digital without incurring drastic costs.”

The Telkom Pay mPOS app, which is available to Android, Apple and Huawei users on the respective app stores, is a pay-as-you-use solution with a competitive rate of 2.5% and includes a virtual card built into the app.

No paperwork or a physical point-of-sale device are required to use the solution.

Businesses can transfer funds from the app to their business accounts and can replenish inventory from their suppliers using the EFT functionality that is integrated into the solution.

“Telkom Pay mPOS is not just a point-of-sale machine. It is a solution that allows businesses to access an array of business functionalities all in one app. Business owners can receive payments from customers by simply tapping their cards or scanning a QR code, they can also use the app to pay employee salaries,” Ngwenya said.

Since 2020, Telkom Financial Services has introduced insurance, lending and payment solutions to bring affordable financial tools not just for SMMEs but customers as well.

In December 2020, Telkom introduced the Telkom Pay Digital Wallet, a payment service that allows consumers to make and receive payments through WhatsApp.