Mastercard has strengthened its collaboration with major fintech operators by partnering with EziPay to enable millions of consumers across the Middle East and Africa (MEA) to make global digital commerce payments swiftly, safely and securely.
Consumers and merchants can use the Mastercard virtual payment solution, which is linked to the EziPay eWallet and provides a convenient payment gateway service, to perform global digital transactions and connect with brands and businesses around the world, wherever Mastercard is accepted.
Across MEA, mobile devices are the primary channel used to connect to the internet. According to GSMA, by 2025, it is estimated that there will be 300 million people using their devices to access internet services. As mobile financial services continue to dominate the digital payments sphere, consumers are increasingly expecting to have access to a broader range of digital financial solutions.
Through this partnership, EziPay customers with a Mastercard virtual card linked to their EziPay wallets can make payments to global online merchants through a seamless and secure digital payment experience on websites and mobile applications. The service is available regardless of whether the customer has a bank account or not. It will also allow small business owners to purchase from suppliers abroad and pay with the virtual payment solution.
“Our partnership with EziPay means we can advance financial inclusion by creating an inter-connected global payments ecosystem. We are very excited to help lead the transition to digital by enabling access to millions of consumers for online payments, providing greater choice and added value. We are committed to expanding the entire payment sector, through our technology and collaborations with our fintech partners to deploy efficient, innovative, and secure payment experiences across the MENA region,” said Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, Mastercard.
“In the past few years, we have seen the tremendous growth of the financial technology sector in MEA, contributing significantly to the advance of individual economies. The Mastercard collaboration comes as we champion digital financial inclusion, it will improve seamless transaction for online payments and connect millions to the global online market, empowering the most vulnerable in our society,” said Amit Gaur, CEO at EziPay.
Collaborations, such as the one with EziPay, play a key role in advancing Mastercard’s worldwide commitment to financial inclusion and pledge to bring a total of 1 billion people, 50 million micro and small businesses, and 25 million women entrepreneurs into the digital economy by 2025.