MasterCard Launches a Digital Platform to Accelerate Digital Mobile-Based Payments in Africa

MasterCard, the leading global payments technology leader, has launched a digital payments platform aimed at helping its clients adopt and use mobile-based payments. The simple-to-use technology interface is expected to initially launch across 40 African countries. ___________________________________________________________________ SEE ALSO: Are You an African Crypto Firm or Fintech? MasterCard Now has a Simplified Crypto Card Program and is Onboarding Partners ___________________________________________________________________ The platform will be immediately available in some key African markets that include: Nigeria Kenya Ghana South Africa According to MasterCard, the platform lays the foundation for financial instutions to simplify access to a growing range of best-in-class MasterCard products by allowing payment issuers and banks to offer their consumers payment solutions that include: Digital wallets P2P payments Virtual cards According to Gaurang Shah, Senior VP, Product Management of Digital Payments & Labs, MasterCard EA, “Accelerated adoption of digital payments means more consumers and businesses are enabled to benefit from a growing digital economy and a world beyond cash. Mastercard’s trusted, secure technology will be available to more people through this digital platform and we are very proud to activate this important initiative with Network International as our long-term strategic partner.”                     – Senior VP, Digital Payments & Labs, MasterCard EA In 2020, MasterCard expanded its accelerated card program to include cryptocurrency firms and fintechs enabling them to directly issue payment cards via the MasterCard payment rail. We’re excited to announce our collaboration with @networkonsocial to launch a new digital platform that will accelerate the adoption of digital payments across the Middle East and Africa. Learn more: https://t.co/1nS1VT66CK — Mastercard MEA (@MastercardMEA) January 21, 2021 All payment cards issued to consumers will make it easier for people to buy, hold, and exchange multiple cryptocurrencies instantly into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world. According to the company, currency will always enter Mastercard’s network as traditional fiat currency. Firms however will be free to offer reward programs in bitcoin for in-store purchases. The new payment platform will no doubt work with any subsidiaries already leveraging the MasterCard ecosystem, including cryptocurrency firms and fintechs. NB: Bitcoin KE has reached out to MasterCard to confirm if cards issued to crypto firms will be usable on the new payment rail. We will update this post when a response is received ___________________________________________________________________ RECOMMENDED READING: China, Kenya, and Ghana are the Leading Countries in Mobile Money Usage Globally, Says Latest Report ___________________________________________________________________ Follow us on Twitter for latest posts and updates _____________________ Subscribe to the channel below to keep updated on latest news on video: [embedded content] ___________________________________________________________________ Start trading bitcoin today from as low as $10. Open a Paxful Bitcoin Trading Account to get started! ___________________________________________________________________

MasterCard Launches a Digital Platform to Accelerate Digital Mobile-Based Payments in Africa

MasterCard, the leading global payments technology leader, has launched a digital payments platform aimed at helping its clients adopt and use mobile-based payments.

The simple-to-use technology interface is expected to initially launch across 40 African countries.

___________________________________________________________________

SEE ALSO: Are You an African Crypto Firm or Fintech? MasterCard Now has a Simplified Crypto Card Program and is Onboarding Partners

___________________________________________________________________

The platform will be immediately available in some key African markets that include:

  • Nigeria
  • Kenya
  • Ghana
  • South Africa

According to MasterCard, the platform lays the foundation for financial instutions to simplify access to a growing range of best-in-class MasterCard products by allowing payment issuers and banks to offer their consumers payment solutions that include:

  • Digital wallets
  • P2P payments
  • Virtual cards

According to Gaurang Shah, Senior VP, Product Management of Digital Payments & Labs, MasterCard EA,

“Accelerated adoption of digital payments means more consumers and businesses are enabled to benefit from a growing digital economy and a world beyond cash. Mastercard’s trusted, secure technology will be available to more people through this digital platform and we are very proud to activate this important initiative with Network International as our long-term strategic partner.”

                    – Senior VP, Digital Payments & Labs, MasterCard EA

In 2020, MasterCard expanded its accelerated card program to include cryptocurrency firms and fintechs enabling them to directly issue payment cards via the MasterCard payment rail.

All payment cards issued to consumers will make it easier for people to buy, hold, and exchange multiple cryptocurrencies instantly into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world.

According to the company, currency will always enter Mastercard’s network as traditional fiat currency. Firms however will be free to offer reward programs in bitcoin for in-store purchases.

The new payment platform will no doubt work with any subsidiaries already leveraging the MasterCard ecosystem, including cryptocurrency firms and fintechs.

NB: Bitcoin KE has reached out to MasterCard to confirm if cards issued to crypto firms will be usable on the new payment rail. We will update this post when a response is received

___________________________________________________________________

RECOMMENDED READING: China, Kenya, and Ghana are the Leading Countries in Mobile Money Usage Globally, Says Latest Report

___________________________________________________________________

Follow us on Twitter for latest posts and updates

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Subscribe to the channel below to keep updated on latest news on video:

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Start trading bitcoin today from as low as $10.

Open a Paxful Bitcoin Trading Account to get started!

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