A major hack that compromised Uganda’s mobile money network has plunged the country’s telecoms and banking sectors into crisis.
The Oct. 3 hack was a result of a security breach on a consumer finance aggregator, Pegasus Technologies, which mainly affected bank to mobile wallet transfers, according to an Oct. 8 statement by MTN Uganda, the country’s largest mobile phone company. Kampala-based Pegasus Technologies provides financial and billing solutions for various companies including all the affected entities.
At least $3.2 million is estimated to have been stolen in this latest incident with some reports quoting a much higher figure. The hackers used around 2,000 mobile SIM cards to gain access to the mobile money payment system, according to local papers. They then instructed the banks to transfer millions of dollars to telecommunication companies who then paid out mobile money to these different SIM cards across the country.
Airtel Payments Bank on Tuesday has upgraded its app to further simplify its merchant partners with a range of digital benefits that make the payments journey more simplified, including allowing them to convert their smartphone into a ‘Smart ePOS’ device to accept digital payments and also make ‘On-Demand Settlement’.
Smart e-POS (Point of Sale) enables merchants to use their smartphones as a POS machine to accept digital payments and not worry about handling cash.
Merchants simply need to select the Smart ePOS option in the app, and a QR code will appear on the mobile screen for the payments to be made, the company said.
The amount will get credited immediately to the merchant bank account linked to the app. This eliminates the need to have a physical QR code or the need to carry an additional device to receive payments for home deliveries. Also, merchants can accept payments with
Airtel Payments Bank has upgraded its app to further empower its merchant partners with a range of digital benefits that make the payments journey more simplified. For merchants, the Airtel Payments Bank app now comes with two new features Smart ePOS and On-Demand Settlement.
Speaking on the initiative, Ganesh Ananthanarayanan, Chief Operating Officer at Airtel Payments Bank said, Merchant partners play a crucial role in driving digital payments on the ground and empowering them with easy to use payment solutions is of utmost importance to us. The new solutions allow merchants to receive and settle payments through a seamless and secure digital process. This is one more step towards our aim of building a cashless economy.
Smart e-POS (Point of Sale) enables merchants to use their smartphones as a POS machine to accept digital payments and not worry about handling cash. Merchants simply need to