Mobile Money and Telcos | |
Mobile Money and Telcos | |
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Wednesday, October 09, 2019 /02:47 PM / By NSE / Header Image Credit: TechEconomy
Airtel
Africa today announced a partnership with Mastercard, giving over 100
million Airtel Africa mobile phone users across 14 African countries access to
Mastercard's global network. The Mastercard virtual (non-plastic) card allows
Airtel Money customers, even those without a bank account, to make payments to
local and global online merchants that accept Mastercard cards, while ensuring
that the customer's financial data is always secure and private. In addition,
Airtel Money customers will also be able to make inperson payments at outlets
via Quick Response (QR) codes (whereby payments are made from an Airtel mobile
phone by scanning the QR code displayed at checkout or by entering a merchant
identifier, at any location worldwide that Mastercard QR is accepted). To date,
there are over 1 million merchant locations across Africa that accept
Mastercard QR payments.
Airtel Money customers will also benefit from
competitive pricing and preferential exchange rates for international payments,
and gain access to other domestically relevant use cases including bill
payments , merchants payments and value added services such as cash management
solutions.
Raghunath Mandava, the CEO of Airtel Africa said, "Airtel and Mastercard have a shared passion for digital transformation and
making mobile financial services accessible to everyone across the continent.
Through our partnership we will enable over 100 million Airtel Africa customers
make safe mobile money purchases online and in person. The partnership will
also significantly bolster Airtel's position as one of the the largest
offline-to-online digital payment network in Africa. We are really excited to
embark on this partnership with a globally trusted brand like Mastercard. This
partnership is truly revolutionary in our market, giving millions of people
better access to the digital and online world.
Amnah Ajmal, Executive Vice President for Market
Development, Mastercard Middle East and Africa, said, "Across the MEA region
our digital partnerships strategy remains focused on enabling digital
transformation for our partners so that their consumers can enjoy seamless
access to payments and a superior experience. We are very excited to partner
with Airtel to lead the transition to digital by enabling access to their
millions of consumers for online and in-person payments across the globe.
Mastercard is uniquely positioned as a single technology provider to enable our
digital partners like Airtel to transition seamlessly into digital".
Mobile internet connections are expected to grow
rapidly in Africa due to low cost smartphones and high-speed GSM networks being
rolled out by Mobile Network Operators like Airtel. This growth in internet
connections is creating increased demand for digital content, social media,
m-commerce even online education and a need to make online payments easily and
securely by both banked and unbanked consumers.
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