MasterCard Extends Global Reach of Mobile Money Services for the Unbanked
Partnerships with eServGlobal and Oltio Expand MasterCard Program to Address Financial Inclusion in Developing Markets
to Tweet This News, Copy and Pastehttp://bit.ly/XrQCRXto Your Twitter Handle with the Hashtag #MasterCard and #MWCashless
BARCELONA--(BUSINESS WIRE)-- At Mobile World Congress, MasterCard (NYSE: MA) today announced that leading mobile payment technology providers eServGlobal and Oltio have joined the MasterCard Mobile Money Partnership Program (MMPP), an initiative launched in February 2012 and is designed to help more than 2.5 billion financially-underserved consumers around the world use their mobile phones to access mainstream financial services.
The MasterCard Mobile Money Partnership Program extends the services of today's mobile money offerings - mobile top-up, bill payments and P2P payments - to provide increased access and availability to electronic payments. In addition, the flexibility of the Program's platform allows mobile money providers to leverage existing investments in closed-loop platforms, or in case of new deployments, choose the platform of preference. Working with eServGlobal and Oltio and existing partners Comviva, Gemalto, Sybase 365, Telepin and Utiba, MasterCard is helping accelerate and expand the development of financial services offerings in emerging markets via the use of mobile technology.
eServGlobal is an established technology provider, offering a comprehensive suite of end-to-end mobile financial services to more than 90 mobile and financial services customers in over 55 countries worldwide. The MasterCard Mobile Money Partnership program compliments eServGlobal's open-loop mobile money solutions, which link mobile wallets to the MasterCard network via companion cards.
Oltio, a South African-based company focused on developing innovative products and services where payments and mobile technology converge, currently offers MasterCard open loop and remote payments solutions to merchants in South Africa in collaboration with IPS Electronic Payments (IPSEP). In formally joining the Program, Oltio will offer its customers a complete portfolio of interoperable MasterCard open loop solutions.
"Mobile has the unique potential to provide financial inclusion in emerging markets like Latin America, the Middle East, Asia and Africa. In fact, 16 percent of adults in Sub-Saharan Africa report having used a mobile phone in the past 12 months to pay bills or send or receive money," said Mung Ki Woo, Group Executive, Mobile, MasterCard Worldwide. "The addition of eServGlobal and Oltio into the Mobile Money Partnership Program increases our collective reach and influence in emerging markets where better access to electronic payments is vital. Each of these partners brings its own unique contribution to the program, and we look forward to working with them to address one of the defining challenges of our time."
The Mobile Money Partnership Program offers consumers the following MasterCard services:
Prepaid companion cards that can be used at merchants that accept MasterCard cards.
Virtual MasterCard accounts for consumers to make eCommerce payments with their mobile money account anywhere MasterCard is accepted online.
Person-to-person payments between subscribers of two different participating mobile money services.
Face-to-face or remote payments using mobile phones for goods and services at participating merchants that do not have traditional POS acceptance.
"We believe that mobile money is a service that can change people's lives in developing countries, yet it requires the right infrastructure, ecosystem and marketing," said Craig Halliday, CEO and Managing Director, eServGlobal. "We believe that by partnering with MasterCard, we can help to further the Mobile Money Partnership Program and in turn progress financial inclusion around the globe."
"As cards and phones increasingly converge, the demand for interoperability, especially with wallets provided by mobile operators, will increase. Oltio's focus on in-phone security and our exposure to both banks and mobile networks allows an innovative approach to resolving customer needs for access to safe mobile money," said Terry Timson, CEO Oltio. "We look forward to expanding our relationship with MasterCard to provide convenient and secure payment experiences and opportunities for customers around the world."
Find a complete list of MasterCard's news announcements from Mobile World Congress in ourDigital Press Kitand follow us @MasterCardNews #MWCashless #MAMobileSymp to join the conversation.
MasterCard (NYS: MA) , www.mastercard.com,is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
eServGlobal specializes in Mobile Money solutions and Value-Added Services (VAS), to help Mobile Service Providers increase their revenue and gain and maintain customer ownership. eServGlobal invests heavily in product development, using carrier-grade, next-generation technology and aligning with the requirements of more than 80 customers in over 55 countries. For 30 years mobile and financial service providers have used eServGlobal solutions to lead and innovate in their local markets, leveraging their core assets and their trusted agent and subscriber relationships. With 12 offices globally, eServGlobal provides full "end-to-end" and "any account to any account" Mobile Money Services and International Remittance Services. Delivered in partnership with BICS, the HomeSend solution is the only mobile-centric international remittance hub to gain endorsement from the GSM Association.
eServGlobal's Value-Added Services in promotions, loyalty and messaging enable service providers to engage with their subscribers in a personalized and dynamic manner. To reduce time-to market and to meet the needs of operators and banks, eServGlobal provides multiple licensing alternatives as well as SaaS-based products and services.
eServGlobal is listed on the Australian Securities Exchange (ESV) and the London Stock Exchange AIM (ESG). More information at: www.eservglobal.com
Oltio (Pty) Ltd, formerly MTN Mobile Money South Africa (Pty) Ltd, is a wholly owned subsidiary of MTN Mobile Money Holdings (Pty) Ltd, a joint venture company formed in 2004 between the MTN Group (50%), and the Standard Bank Group (50%). The Standard Bank Group is the largest African bank by assets and earnings and MTN Group is the largest African Mobile Network Operator (MNO).
Over the past eight years, Oltio has developed a number of products including payD. Branded as MasterCard Mobile, this product allows customers to buy airtime directly from mobile network operators and purchase goods on e-commerce sites using MasterCard PIN based products in a highly secure manner. payD was a finalist in the 2012 GSMA awards.
Brian Gendron, 914-249-1284
Alison Cheek, +33 (0) 1 4612 7746
Dave Parratt, +27 (83) 209 1462
KEYWORDS: Europe Spain
The article MasterCard Extends Global Reach of Mobile Money Services for the Unbanked originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.