Mastercard partners with Paycode to increase access to financial services

Friday 10 September 2021 08:28 CET | News

Mastercard hast teamed up with South Africa-based fintech Paycode to offer biometric identity, offline payments solutions, and unlock services for the underserved and unbanked in Africa.

Mastercard’s Community Pass platform will be added to Paycode’s system. This partnership enables offline real-time functionality for government disbursements and access to digital financial services in remote communities.

An estimated 57% of the population in Sub Saharan Africa remains financially excluded while close to 30 per cent remain without a form of identification and 60% of the continent has no internet connectivity, according to reports cited by Mastercard in the press release.

To address these challenges, Mastercard has partnered with African fintech company Paycode to provide both company’s offerings on one biometric smart card that will help increase access to critical services and advance economic inclusion for Africans living in remote communities.

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Keywords: partnership, digital identity, Mastercard, fintech, virtual card
Categories: Payments & Commerce | Cards
Countries: South Africa
This article is part of category

Payments & Commerce