Mastercard partners with OPay to boost cashless payment in Africa
Mastercard has partnered with OPay, a transparent mobile money service provider, to develop a cashless ecosystem and advance digital financial inclusion for millions of people in the Middle East and Africa.
The partnership is the latest step in Mastercard’s emerging market strategy, where the technology company is collaborating with growing Fintechs such as OPay to expand access to digital payments, enable multiple lifestyle services, create new pathways to financial inclusion and supporting the next generation of super apps. .
“As the fintech leader in the Middle East and Africa, we are delighted to partner with Mastercard as we continue our journey to promote financial inclusion, helping to open the global economy to more consumers and businesses in the Middle East and Africa,” Yahui Zhou, CEO of OPay, said.
However, this collaboration enables OPay consumers and merchants in the region, including Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa and the United Arab Emirates , to engage with brands and companies all over the world, thanks to a Mastercard. virtual payment solution linked to the OPay electronic wallet.
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Consumers are increasingly looking for seamless user experiences on a single platform that offers easier interactions to meet various daily needs, including sending and receiving money, ordering food and groceries, arranging transportation , lend, invest, and list items they want to sell.
OPay users will benefit from Mastercard’s virtual payment solution linked to their OPay wallets, to make purchases from well-known global brands for leisure, travel, accommodation, entertainment, streaming services, and more. The service is available whether or not the customer has a bank account. It also allows small business owners to buy from suppliers overseas and pay with the secure virtual payment solution.
Since its inception in 2018, active users of OPay have grown to 15 million in dozens of markets in which it operates. The company processes an average of millions of transactions per day. In Nigeria alone, where OPay is taking a significant market share, users have saved billions of US dollars over the past four years through credit-linked savings accounts from their mobile wallets and small loans from lenders who use its platform.
Plans are in place to launch OPay services in additional markets over the next three to five years, which will significantly drive the growth of digital inclusion and digital commerce, while expanding customer inclusion in the ‘Mondial economy.
Amnah Ajmal, Executive Vice President for Market Development, Mastercard EEMEA, said, “At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale. Our partnership with OPay demonstrates our commitment to supporting payment providers around the world to create an interconnected global payments ecosystem that benefits a range of consumers with unique needs.
Mastercard is globally committed to financial inclusion, pledging to bring 1 billion people and 50 million micro and small businesses, with a focus on 25 million women entrepreneurs, into digital economy by 2025.