iKhokha and Mastercard collaborated on a case study exploring contactless payments in South Africa, which has a fast-growing contactless card penetration rate, with 25.8 million cards, representing 62% of all issued cards. To address businesses’ reluctance to adopt card payments, iKhokha introduced iK Tap on Phone, enabling businesses to accept card payments on an Android smartphone without costly hardware or rental fees. This affordable solution utilizes NFC technology for secure contactless payments. iKhokha aims to provide small businesses and informal traders with access to the digital economy through this innovation. They also plan to distribute over R1 billion in working capital through iK Cash Advance in 2023.
