Recently Mastercard has inked deals with mobile providers as they push into the mobile space.
MasterCard has announced a cooperation with Indian mobile wallet provider Beam to offer pre-paid cards to the service’s 14 million customers and help reach the nation’s many “underbanked” citizens.
Beam is a revolutionary mobile wallet that allows you to transact at any time, from anywhere. Beam enables you to turn your mobile into the most sophisticated and safest wallet in the world. It lets you transact without cash.
“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.”
This is similar to last years announcement where MasterCard, Comviva Technologies and Tutuka announced a strategic collaboration that combines Comviva’s mobiquity mobile payment platform, Tutuka’s prepaid processing platform and MasterCard’s global electronic payments network to further extend financial inclusion to millions of consumers across Africa.
The collaboration will enable Operators providing mobile money services using Comviva’s mobiquity platform to offer their customers prepaid MasterCard cards or Virtual Card Numbers (VCN) linked to their existing stored value accounts. These will enable customers to purchase goods and services at millions of physical and online retailers worldwide where MasterCard is accepted, as well as transfer funds and pay bills.
When the payment providers are getting onboard it’s inevitable that mobile money will continue to grow.