If you have a business in Uganda and still insist on accepting cash, you are missing out a lot. Why? Because the demand for cashless payments is growing in the country. The number of people who would rather have mobile money instead of hard cash is growing.
According to the Bank of Uganda, the value of transactions processed through mobile money platforms rose by 42.2% to UGX 113.4 trillion for the year ended June 2021. Additionally, the value of payments made through debit cards rose by 14.4% to UGX 1,561.1 billion for the year ended June 2021. Advantages of using Cashless Payments
Convenience: Cashless payments eliminate the need to carry cash and the need for company owners and customers to queue for ATM services. This helps save time. It is also easy for you to keep track of your incoming and departing payments, when you use cashless.
Security: With different levels of encryption and authentication, cashless payment channels are made secure. Most cashless payment methods have two-factor authentication or require a PIN before authorising a transaction.
Now that we have the advantages out of the way, here’s how to accept cashless payments as a business in Uganda: 1. Receiving Mobile Money
As a business, you can ask the consumer to send you the money on your mobile money account in exchange for a good or service. This is very convenient, especially if you will deliver the product to the customer but do not want them to give the cash to the delivery agent. 2. Using MTN Momo Pay or Airtel Pay
MTN Uganda and Airtel Uganda have mechanisms that can allow you to receive payments from customers by simply inputting your merchant number.
On MTN Uganda, the customer can dial *165# and then select Momo Pay , after which they will be required to enter the merchant code. The process is similar when using Airtel Uganda; dial *185# and enter the merchant code to pay for goods or services. To register your business on MTN Momo Pay or Airtel Pay, contact your service providers directly, and they will onboard your business to the platform. 3. Fintech Apps
The Fintech space in Uganda is growing as several apps come onto the scene. Eversend, Chipper, ChapChap, and Wave are just a few of the many apps dominating the Ugandan payment space. You can open an account on these apps and ask your customers […]
