Across Sub-Saharan Africa, mobile devices are the primary channel used to connect to the Internet
Mastercard and MTN have announced a strategic partnership to enable millions of consumers in 16 countries across Africa to make global e-commerce payments.
Through a Mastercard virtual payment solution linked to MTN MoMo (Mobile Money) wallets, consumers and merchants can engage with brands and businesses abroad through digital commerce, extending their reach to an international marketplace.
According to GSMA, by 2025, it is estimated that there will be 300 million more people using their devices to access internet services. In light of this growth, mobile financial services have become the dominant form of digital payments, with twice as many mobile money accounts as bank accounts in the region.
Nevertheless, consumers and merchants are mostly restricted to a local base of online and offline businesses, therefore curtailing customers’ ability to engage in global commerce.
The solution will enable consumers to explore and shop at well-known global e-commerce brands and pay quickly and securely for leisure shopping, travel, accommodation, entertainment, streaming services, etc. It will also allow small business owners to purchase from suppliers abroad and pay with the virtual payment solution.
We’ve reported that dLocal to advance payments in Latin America through new collaboration.