Mastercard Incorporated ( MA Quick Quote MA - Free Report) recently partnered with Zambia-based leading telecommunication company Zamtel. As part of the deal, a diversified portfolio of Mastercard products comprising Mastercard virtual payment solution, a physical debit card and an interoperable payment solution Mastercard QR will be rolled out by Zamtel.
The latest move highlights Mastercard’s efforts to help the Mobile Money customers of Zamtel and extends to even clients without a bank account. The Mastercard virtual solution can be attached to Zamtel Mobile Money wallets. The solution will connect consumers and small businesses to a global online marketplace through which they can make secured and hassle-free payments. These payments are directed toward local and international brands, and millions of merchant points accepting Mastercard globally.
Further, a physical Mastercard debit card linked to Zamtel Mobile Money Wallet will be provided to customers through which they can make contactless point-of-sale payments and withdraw cash from ATMs. If one wants to make face-to-face payments at outlets, the Mastercard QR solution offers QR code scanning or inputting a merchant identifier thereby resulting in enhanced checkout experiences.
The latest move is a testament to Mastercard’s efforts to facilitate diversified usage of mobile wallets to promote improved payments by the Mobile Money customers of Zamtel. Belonging to several categories comprising travel, entertainment subscription services and bill settlements, these payments will assure confidentiality of customers’ financial information.
Moreover, the recent tie-up seems to solidify Mastercard’s presence across Africa. Besides, the move is a time opportune one. With the COVID-9 pandemic exposing potential risks of using cash, the usage of mobile wallets for availing contactless payments across Africa has been witnessing an uptick. Increasing internet penetration and higher smartphone usage have also been driving mobile money transaction value. Per the latest report of the GSMA, Africa’s mobile money accounts easily crossed the half billion mark, which is in fact, near around to half of the global number.
According to a
Fidelity National Information Services ( FIS Quick Quote FIS - Free Report) report, mobile wallets have been increasingly adopted across the globe during 2020, with the same accounting for around 8% of payment methods in the Middle-East-Africa region. The report estimates that digital wallets are likely to make up for over 50% of worldwide e-commerce payments by 2024.
It is worth mentioning, Mastercard has been partnering with several organizations and rolling out cost-effective payment solutions for tapping the current prospects in the global digital payments space. Through such initiatives, the company intends to bring more businesses and consumers under the ambit of a growing digital economy. And telecommunication operators equipped with technological advancements seem to be the apt partner for complementing Mastercard’s endeavor.
Companies such as
Visa Inc. ( V Quick Quote V - Free Report) and American Express Company ( AXP Quick Quote AXP - Free Report) are equipped with digital wallets to promote enhanced money movement capabilities. Zacks Rank & Price Performance
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