Mastercard is partnering with Samsung to bring digital technology to emerging markets and accelerate connectivity and smart devices, Mastercard said on Thursday (March 12).
With Mastercard’s Pay on Demand platform, people get improved access to financial services and other offerings, which drives financial inclusion and can bring about improved economic possibilities for individuals and businesses.
The platform links banks, original equipment producers and telcos, enabling people to access devices in a pay-as-you-go model.
“At Mastercard, we see a connected world where opportunity and prosperity are possible for everyone, everywhere,” said Jorn Lambert, executive vice president of digital solutions for Mastercard. “The Pay on Demand platform enables us to deliver on that vision and foster financial inclusion, giving consumers an opportunity to participate in digital commerce. By combining Samsung’s device management and security expertise with Mastercard’s innovative technology, we are creating an ecosystem that can deliver measurable, positive impact to the communities we serve.”
Mastercard says it is striving to create a digital financial system and is working closely with stakeholders to deliver inclusion through web connectivity.
KC Choi, executive vice president of global mobile B2B for Samsung, said the company aims to “inspire the world and shape the future” with cathartic innovation and state-of-the-art tech. Choi added that collaborating with Mastercard “is our way of making that future available to everyone by helping to close the digital divide,” which is important in emerging marketplaces.
Mastercard Labs created the platform, which will be rolled out to the Samsung Knox team in the Middle East and Africa early this year. More locations will be added throughout 2020.
The partnership will connect lenders that offer people device financing, and taps Samsung’s integrated Knox security platform to safeguard data. Consumers will be able to analyze their data to build a credit history while using a virtual card wherever Mastercard is accepted.
Among various economies spanning Asia and Latin America, card use is on the rise, prompting banks and FinTechs to partner on a range of offerings to spur more debit and credit usage.