Atlas Mara and Mastercard have agreed to build a strong digital payment ecosystem to accelerate financial inclusion in sub-Saharan Africa. The financial services institution and the credit card company aim to include up to 20 million consumers and 100,000 merchants across Africa to be digitally and financially included in the formal financial sector by 2020.
Africa.com reports that the two enterprises will combine Mastercard secure digital payment platforms, such asHomeSend, Masterpass QR and Mastercard Payment Gateway Services and Atlas Mara’s operating banks in Africa to build stronger payment ecosystems. The two organisations hope that their initiative will expand access to fast and secure remittance, E-Commerce, and mobile payment solutions.
Masterpass QR, the Mastercard mobile-driven, Person-to-Merchant (P2M) payment solution, will also be rolled-out as part of the partnership. This is meant, according to Africa.com, “to facilitate access to an affordable alternative to traditional point-of-sale (POS) terminals for merchants to accept electronic payments from their customers, benefiting the entire economy.” Merchants and consumers will also have access to the Mastercard suite of digital and traditional payment solutions, including prepaid, debit, and credit Mastercard cards.
Further reading on Africa