Mastercard and Samsung Partner to Enable Digital Inclusion

Mastercard and Samsung Partner to Enable Digital Inclusion
13.03.2020 04:51 am

Mastercard and Samsung Partner to Enable Digital Inclusion

Payments

Mastercard today announced a global partnership with Samsung to enable digital access to consumers and small businesses in emerging markets through its extensible Pay on Demand platform.

Mastercard’s Pay on Demand platform is designed to accelerate digital inclusion by bringing together financial institutions, original equipment manufacturers and telcos to holistically solve issues that have limited device financing in emerging markets. In line with Mastercard’s principles for data responsibility, the solution allows consumers 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, Digital Solutions, 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 is collaborating with key players in the ecosystem to drive a new wave of inclusion through connectivity and smart devices, creating a digital economy that works for everyone. To accomplish this, the Pay on Demand platform consists of four components:

  • Lending Marketplace: Brings together lenders who provide consumers with access to affordable device financing
  • Security: Leverages Samsung’s embedded Knox security platform to ensure the integrity and safety of consumer data and transactions
  • Data: Provides tools for consumers to analyze and build their credit history from usage data
  • Payment: In partnership with telcos, Mastercard provides an opportunity for consumers to obtain virtual card numbers that can be used to pay for their device and make transactions everywhere Mastercard is accepted.

“Our vision is to inspire the world and shape the future through transformative ideas and technologies,” said KC Choi, executive vice president, Global Mobile B2B, Samsung. “This partnership with Mastercard is our way of making that future available to everyone by helping to close the digital divide, especially in emerging economies and countries.”

The platform, built by Mastercard Labs, will be launched with the Samsung Knox team in the Middle East and Africa region in early 2020 and extend to additional regions later this year.

 

Related News

Brady Harris Joins Dwolla as CEO to Scale Distribution

Dwolla, the programmable payments platform, today announces the appointment of Brady... Read more »

Poland’s National Payment Processor Partners with Cryptomathic to Deliver eIDAS-certified Remote Qualified Electronic Signature Services

Polish citizens can now sign documents digitally using mSzafir, a remote qualified e-signature service with the highest levels of security under European law, thanks to a new... Read more »

Mastercard enables Contactless limit raise across 29 countries; and champions permanent increase

Today Mastercard announced its commitment to enabling the increase in contactless payment limits across... Read more »

TransUnion Research Quantifies How Social Distancing is Changing Shopping Patterns

TransUnion (NYSE: TRU) today released new research that quantifies the spike in digital commerce since social distancing became widespread globally. The company found a 23%... Read more »

Wirecard expands presence in Mexico

Wirecard, the global innovation leader for digital financial technology, and Banca Afirme, a Mexican financial institution with a nationwide presence, are collaborating to... Read more »

Barclaycard to enable UK retailers to accept new £45 Contactless Limit

Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, will be rolling out the deployment of the new £45 contactless limit across UK retailers... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel