MasterCard and Comviva are partnering to launch a Mobile Money Partnership Program, aimed at providing financial services to the 2.5 billion consumers worldwide left underserved by current offerings.
The new open-loop program is the first of its kind, the companies say. It will provide new financial services to millions of the world’s underserved customers by leveraging an existing technology: the mobile phone.
Comviva’s existing mobile payment solutions are already used by 700 million subscribers in 46 countries, the company says. Together with MasterCard, new customers who sign up for the Mobile Money program will be able to complete bill payments, remittances, and online transactions through “millions” of physical and online merchants. Customers in Asia, Africa, and Latin America will be the primary beneficiaries of the program.
“With about five billion mobile phone users worldwide, this partnership program provides powerful, smart and convenient new payment options to people through a device that’s already in the palm of their hands today,” explains Mung Ki Woo, mobile group executive for MasterCard. Manoranjan Mohapatra, CEO at Comviva, pointed to his firm’s “dominance” in emerging markets as a key reason for their selection by MasterCard as an “unequivocal partner of choice.”
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