This is expected to drive financial inclusion and improve access to the digital economy
Zamtel and Mastercard have announced a strategic partnership. It will enable Zamtel Mobile Money customers, even those without bank accounts, to make digital payments on the Mastercard network including international e-commerce transactions.
Under the agreement, Zamtel will launch a suite of Mastercard products including a Mastercard virtual solution, a physical debit card, and Mastercard QR. It will give its Mobile Money customers new ways to access and pay for products and services at the millions of merchants that accept Mastercard in Zambia and abroad.
With a Mastercard virtual payment solution linked to Zamtel Mobile Money wallets, consumers and small businesses can make payments to local and global online brands and merchants, expanding their reach to an international online marketplace.
This means e-commerce transactions can be done instantly through mobile wallets for a wide variety of payments including travel, entertainment subscription services, and bill payments while ensuring that the customer’s financial data is always secure and private.
For in-person payments, Zamtel Mobile Money customers will obtain a physical Mastercard debit card linked to their Zamtel Mobile Money wallet, which they can use to withdraw money from ATMs and pay at POS for goods, services and settle their bills.
Customers will also have access to Mastercard QR, an interoperable payment solution that will enable them to make face-to-face payments at outlets by scanning the Mastercard QR code displayed at checkout or by entering a merchant identifier.
We’ve reported that Asian banks launched cross-border QR payments.