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MasterCard launches mobile money program to reach world's unbanked

Published

Feb. 23, 2012

Payment network MasterCard is launching a new program aimed at helping the more than 2.5 billion consumers worldwide who are unbanked and underbanked.

The effort, called the MasterCard Mobile Money Partnership Program, will include Indian mobile services provider Comviva, mobile messaging service Sybase 365, and Singapore-based mobile financial services company Utiba as initial partners. MasterCard will include other partners in the program over time. 

The project is intended to give consumers who lack access to traditional financial services the ability to purchase goods and services using mobile phones at brick-and-mortar stores or on ecommerce sites and to transfer funds and pay bills.

“With about five billion mobile phone users worldwide, this program provides powerful, smart and convenient new payment options to people through a device that’s already in the palm of their hands today,” said Mung Ki Woo, Group Executive, Mobile, MasterCard Worldwide.

Services offered through the new program include:

  • Prepaid companion cards for use at merchants that accept MasterCard cards.
  • Virtual card accounts that can be used for ecommerce purchases
  • P2P payments between subscribers of even across different mobile money services.
  • Face-to-face or remote payments using mobile phones for goods and services at merchants that do not have traditional POS acceptance.

Woo said the company's approach is to work with leading companies in the mobile money ecosystem to bring the benefits of electronic payments to those wouldn’t have access to formal financial services without the service.

According to Comviva CEO Manoranjan Mohapatra the new partnership will provide the right impetus to foster financial inclusion globally, a sentiment echoed by Sybase 365's Senior VP of mCommerce Matthew Talbot.

"By providing solutions to emerging markets through a flexible partnership program, MasterCard is unlocking opportunities for innovation throughout the entire ecosystem," Talbot said.

For more stories like this, visit the Money Transfer/P2P research center.