Mastercard Partner With Nigerian FinTech Startup NetPlusDotCom For A Cashless Online Shopping Payment Solution

Mastercard has announced that they have partnered with Nigerian FinTech startup, NetPlusDotCom (NetPlus), for the development of a cashless online shopping payment solution.

The solution aims to eliminate the use of cash as typically seen with some "payment on delivery" e-commerce offerings. It works by allowing consumers to pre-authorise the payment when placing their order online, the e-commerce store then is guaranteed that they will receive payment once the goods are delivered.

Once pre-authorization has happened, the e-tailer can deliver the goods, the delivery service will then use the Mastercard e-commerce app to authorize the release of the payment once the consumer approves, ensuring the merchant is paid immediately.

“Cash has held the sector back from reaching its full potential in Africa,” says Omokehinde Adebanjo, Vice President and Area Business Head for West Africa at Mastercard. “We have invested a great deal of energy and resources to develop a workable solution that will meet the diverse needs of merchants and consumers across the continent, and the world. It is fitting that our partnership with NetPlus, an African-born tech company, has resulted in us achieving our goal of digitizing the e-commerce sector,” said Wole Faroun, Founder and CEO at NetPlus.

What is interesting and of great benefit to the consumer about this solution is that if the consumer is dissatisfied with their package the transaction can be voided and the funds immediately released.

Wole Faroun NetPlusDotCom
Wole Faroun, Founder and CEO at NetPlus.

"For e-retailers, the pre-authentication reflects a commitment on the part of the consumer to the purchase, as well as guarantees real-time payment and improved liquidity. Consumers benefit from renewed confidence in online shopping, peace of mind as the payment is only processed on delivery without the need for cash,” added Faroun.

NetPlus is the first startup from Afrika to be selected by Mastercard for their Start Path programme.

Start Path is a global programme by Mastercard where it is looking for FinTech startups and provides them with the operational support, mentorship and investment they need to develop the next generation of commerce solutions and grow their operations.

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