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MarketScreener Homepage  >  Equities  >  Nyse  >  Mastercard Incorporated    MA

MASTERCARD INCORPORATED

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Mastercard Incorporated : Partners With Samsung, Airtel and Asante to Drive Digital Inclusion in Africa

10/08/2020 | 11:06am EST

Pay-on-Demand platform enables safe, secure and convenient consumer financing via Samsung devices with embedded Knox security platform, through Airtel Africa's network. This partnership will facilitate usage-based payments and will build creditworthiness. It will be piloting in Uganda, this is part of a broader digital transformation partnership between Mastercard and Airtel Africa across 14 markets in Africa.

Mastercard today announced a partnership with Samsung, Airtel Africa and Asante Financial Services Group ("Asante") to launch a Pay-on-Demand payments platform and drive the digital economy across Africa. Mastercard's strategy is based on collaboration and partnerships that drive innovation and this is another example. By enabling digital access to everyday products and services for under-served consumers and micro, small and medium enterprises (MSMEs), the payments platform will aim at driving digital and financial inclusion and can lead to improved economic possibilities for people and businesses.

The platform, built by Mastercard Labs, aims to bring convenient financing opportunities to consumers, entrepreneurs and merchants across Africa, helping to combat the socioeconomic problems they face from restricted access to financing.

Through Samsung's pay-on-demand mobile devices and Asante's insight as a leading provider of digital financial services, the innovative platform provides effective hand-set loans for consumers. Telecommunications and mobile money services provider, Airtel Africa will coordinate the delivery of the product.

The Samsung devices are embedded with Samsung Knox platform which provides a secure environment for corporate data and apps protecting both business and personal privacy from boot-up, runtime, and even when powered off.

This partnership will help to deliver convenient asset financing to consumers and MSMEs through the convenience of their smart handsets at a low upfront cost while distributing payments over time. As the product is used, importantly, the individual or business will establish a digital transaction history, which can be leverage for making other financing solutions accessible, such as credit, savings, investments and insurance.

For small business owners and entrepreneurs, this is particularly beneficial as it offers opportunity to obtain financing to drive their business forward as well as build digital capabilities for their everyday business. It is envisaged that Pay-on-Demand users will also be able to access digital payments through Mastercard's virtual card and Mastercard Quick Response (QR Codes) functionality on their Airtel mobile money app enabling them to make digital transactions across face to face and online merchants.

There are 14 markets being considered across Africa, piloting first in Uganda in October, subject to regulatory approvals. This partnership builds on the broader digital transformation partnership between Mastercard and Airtel Africa across sub-Saharan Africa. The other markets include Tanzania, Rwanda, Kenya, Nigeria, DRC, Gabon, Malawi, Zambia, Madagascar, Seychelles, Chad, Niger and Congo Brazzaville. This partnership also builds on the global partnership with Samsung to provide Pay-on-Demand mobile devices.

Amnah Ajmal, Executive Vice President, Market Development, Middle East and Africa, Mastercard said: "At Mastercard we are committed to accelerating the growth of digital financial services in Africa. As market organizers, we are always partnering with like-minded organizations to advance financial inclusion for individuals and MSMEs by empowering them with the right digital solutions. This Pay-on-Demand platform enables us to deliver on that promise, giving consumers an opportunity to participate in digital commerce while fostering digital and financial inclusion across the country."

Sung Yoon, CEO and President of Samsung Africa stated: "Samsung is proud to be the provider of world class devices with an end-to-end security platform with always-on protection. This partnership will benefit the people across Africa starting with Uganda and will create affordable payment plans to access Samsung devices. There is so much growth opportunity in the region and we believe that this partnership will help accelerate economic growth in the mobile industry."

Raghunath Mandava, CEO of Airtel Africa commented: "Our mobile money services are changing customers' lives across Africa. This innovative partnership will help Airtel feature phone customers upgrade to smartphones and pay with Airtel Money on flexible instalment plans. This opens up the digital economy and creates additional opportunities for Africa's entrepreneurs."

Chidi Okpala, CEO, Asante Financial Services Group said: "Our purpose in Asante Financial Services Group is to advance financial independence and improve the well-being of Africans and African businesses. This bold Africa-wide initiative, starting with Uganda, is aimed at facilitating convenient ownership of smart devices for underserved segments and will catalyse a future for Africa that is built on shared prosperity.

Copyright CIO East Africa. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

Stocks mentioned in the article
ChangeLast1st jan.
ASANTE INCORPORATED 0.31% 1625 End-of-day quote.8.77%
MASTERCARD INCORPORATED 3.14% 336.09 Delayed Quote.-8.68%
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Financials (USD)
Sales 2020 15 197 M - -
Net income 2020 6 160 M - -
Net Debt 2020 1 495 M - -
P/E ratio 2020 53,1x
Yield 2020 0,47%
Capitalization 325 B 325 B -
EV / Sales 2020 21,5x
EV / Sales 2021 18,1x
Nbr of Employees 18 600
Free-Float 62,2%
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Number of Analysts 38
Average target price 373,57 $
Last Close Price 325,94 $
Spread / Highest target 35,0%
Spread / Average Target 14,6%
Spread / Lowest Target -4,28%
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Michael E. Miebach President & Chief Executive Officer
Ajaypal S. Banga Chairman
Edward McLaughlin President-Operations & Technology
Sachin J. Mehra Chief Financial Officer
Steven J. Freiberg Independent Director
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