Zamtel Mobile Money customers, even those without bank accounts, will be able to conduct secure and easy digital payments on the Mastercard network, including international e-commerce transactions, thanks to a strategic alliance launched by Mastercard and Zamtel.
Financial inclusion and access to the digital economy are likely to benefit from the collaboration.
Zamtel will introduce a Mastercard suite of solutions, including a virtual solution, a physical debit card, and Mastercard QR, providing their Money new ways to access and make payments with millions of Mastercard-accepting shops in Zambia and worldwide.
Consumers and small businesses can make payments to local and worldwide online brands and merchants using a Mastercard virtual payment system linked to Zamtel Mobile Money wallets, extending their reach to an international online marketplace.
This means that e-commerce transactions can be completed promptly through mobile wallets for a range of payments, such as travel subscription services and bill payments, while maintaining the security and privacy of the customer’s financial information.
Customers will receive a physical Mastercard debit card linked to their Zamtel Mobile Money wallet for in-person payments, which they can use to withdraw money from ATMs and make payments.
Customers will also have access to Mastercard QR, an interoperable payment solution that will allow them to scan the Mastercard QR code shown at checkout or enter a merchant identifier to make face-to-face payments at merchants.
“We’re really happy about our alliance with Mastercard, which is another step toward our goal of becoming the preferred digital lifestyle partner. This agreement instantly expands the ecosystem of locations where our mobile wallet may be utilized, delivering greater convenience, more choice, and a better user experience for our customers,” said Zamtel Chief Executive Officer Sydney Mupeta.
“As more customers embrace online and digital experiences, new digital payment partnerships are emerging, which are transformative for the growth of economies,” said Amnah Ajmal, Executive Vice President for Market Development, Mastercard Middle East and Africa. We’re excited to continue our digital partnership strategy in MEA with Zamtel, as we assist their digital transformation and provide their consumers with more seamless payment experiences. Telcos are a vital partner for us in moving the financial inclusion agenda ahead since they play a critical role in enabling the digital economy.”
Following double-digit growth in 2020, the latest statistics from the GSMA shows that Africa now has over half a billion mobile money accounts, accounting for nearly half of the global total. Customers are using their accounts for new and advanced use cases, like as m-commerce, indicating that more individuals are moving away from the financial system’s fringes and living increasingly digital lives.
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