Mastercard has partnered with M-KOPA Solar and Centenary Bank to launch ‘pay-as-you-go’ QR transactions in a bid to provide an inexpensive way to power homes and businesses in Ugandans. Quick Response (QR) payment technology will facilitate and extend the reach of its pay-as-you-go solar program in Uganda.
According to Raghav Prasad, Division President of Sub Saharan Africa at Mastercard, “Access to basic necessities like electricity can unlock a better future for consumers on an individual basis and also help spur economic growth and empowerment for the country as a whole.”
“The Mastercard QR technology helps provide new levels of payment flexibility and affordability and will have a real impact on the daily lives of thousands of consumers in Uganda,” Prasad said.
Mastercard’s pay-as-you-go API solution will empower M-KOPA and Centenary Bank to bring new payment innovation to the market. Customers are enabled to make payments from their mobile phones by scanning a QR code or using an USSD interface.
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M-KOPA, will use its technology to provide Ugandan homes and businesses with clean and reliable solar energy, access to information and finance for a range of productive assets. M-KOPA’s products include lights, mobile phone charging, radios, smart phones, TVs and fridges.
Nick Hughes, Co-Founder and Chief Product Officer, M-KOPA Solar says, “M-KOPA has proven that our flexible financing model, underpinned by IoT systems and telemetry, is a scalable and efficient way for millions of people to acquire life-changing services and products. For example, 94% of our customers report an improvement in their children’s ability to do homework after taking our basic lighting product. M-KOPA’s partnerships – including integration with the Mastercard QR payment platform – are opening up even more productive asset-financing services and infrastructure. “
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