Masterpass QR is getting more global, according to the latest release from Mastercard out of Mobile World Congress. Masterpass QR is live in seven markets in the Middle East and Africa including Nigeria, Kenya, Tanzania, Rawanda, Pakistan Tanzania and Ghana.
The push for the digital payment system, according to Mastercard, is driven by the potential mobile financial services has to add in as much as $3.7 trillion to emerging economies in the next ten years. Mobile penetration is on the rise in the developing world, and current predictions are for smartphone adoption in the region to jump to 65 percent (467 million devices) by 2020.
“With partnerships such as the one that we have with Mastercard, we are well positioned to meet the growing demands of consumers and merchants across Africa who are becoming more reliant on using their mobile phones to make payments," noted Ade Ayeyemi, Group CEO of Ecobank. “We see enormous potential for this innovative solution in Africa, especially with the growing population of mobile phone users. With Masterpass QR, we are offering our customers a trusted digital payment service. Previously consumers were restricted to using cash, but with Masterpass QR, shoppers no longer need to carry cash or have their physical bank cards on them to make payments.”
As of this month, Masterpass QR has also officially launched in Kenya, Rwanda, Tanzania, Uganda and Ghana.
“Mastercard remains fully committed to delivering solutions that build inclusive ecosystems and consequently drive a cashless society. The most effective way to ensure the continued evolution of products and services that develop robust and resilient digital payment systems is by forging strong partnerships,” says Gaurang Shah — Lead for Digital Payments and Innovation Labs in Middle East and Africa, Mastercard — while at Mobile World Congress.
The QR option offers something to both merchants and consumers in the developing markets in Africa and the Middle East — merchants have an easy way to accept non-cash payments that doesn't involve a massive upgrade, and consumers get a method for paying for in-store purchases either by scanning a code at checkout or by entering a merchant identifier into their feature phones at any location worldwide that Masterpass QR is accepted.
“By continuing to partner with market leaders to roll out scalable solutions, Mastercard is better equipped to fulfill its strategy of bringing millions of previously excluded citizens – both business owners and consumers – into the financial mainstream and developing payment ecosystems that enable people to move beyond cash,” concludes Shah.