MasterCard Focuses On Mobile, Prepaid And International Growth
MasterCard has announced a series of new partnerships at Day Three of Mobile World Congress in Barcelona, Spain, as the network continues to focus on global expansion, prepaid payments alternatives and mobile commerce.
MasterCard has revealed a list of 19 mPOS companies certified with its “best practices” standard, with notable names such as ROAM, Elavon, iZettle and Square included. The program relies on self-certification, and helps to promote simple and secure mobile transactions.
In the prepaid space, MasterCard announced a new agreement with Beam: a mobile and electronic wallet that will serve as a “a first-of-its kind, low-cost, MasterCard mobile companion pre-paid card,” and will help facilitate payments for 14 million mWallet customers.
“There’s an increasing need for electronic payments in markets such as India, where more than 40% of the adult population do not have access to banking services,” said Philip Yen, Group Head, Emerging Payments, Asia/Pacific, Middle East & Africa, MasterCard Worldwide. “The launch of this revolutionary product will not only help bring more Indians into the financial system, but also benefit merchants especially those who currently do not have point-of-sale acceptance, which is roughly around 6 million merchants in India.”
In Brazil, MasterCard is furthering its position by announcing new partnerships that could bring NFC payments to millions in the South American country. By partnering with Itaú, TIM, Redecard, and Gemalto, MasterCard can use its PayPass technology to appeal to those looking to make quick and seamless transactions.
Finally, MasterCard also revealed that eServGlobal and Oltio have joined the Mobile Money Partnership Program, extending the underbanked-based initiative to seven partners. Oltio is a South African-based payments tech company, while eServGlobal is an end-to-end mobile financial services provider.
“The addition of eServGlobal and Oltio into the Mobile Money Partnership Program increases our collective reach and influence in emerging markets where better access to electronic payments is vital,” said Mung Ki Woo, Group Executive, Mobile at MasterCard Worldwide. “Each of these partners brings its own unique contribution to the program, and we look forward to working with them to address one of the defining challenges of our time.”