The collaboration will support the launch of a USD virtual Mastercard debit card on Union54’s ChitChat platform, a messaging app with an integrated payment wallet. Paymentology will provide its payment platform to aid in the expansion of ChitChat within Zambia and other African markets.
Union54, founded in 2021, has developed ChitChat as a multifunctional app allowing users to communicate, network, transfer money between wallets, convert USD to local currencies, and send funds to other users on the platform. With the integration of Paymentology's technology, users can now use the virtual Mastercard debit card for both online and in-person transactions.
This partnership is announced amid growth in Zambia's digital payments sector. The country has 16.4 million mobile connections, representing 78.7% of its population. The digital payments market in Zambia is projected to grow by 16.12% from 2023 to 2027, reaching a market size of approximately USD 8.44 billion. Union54’s ChitChat aims to integrate communication and financial transactions on one platform, potentially contributing to economic growth, entrepreneurship, and financial inclusion in Africa.
Union54's representatives highlighted the importance of secure communication and transaction platforms in the digital economy, citing the partnership with Paymentology as a means to enhance their service offerings. Paymentology emphasized the company's commitment to supporting Union54's growth and providing secure payment solutions in the African market.
This partnership is positioned as a step toward promoting a more inclusive digital economy in Africa, focusing on safe and accessible financial transactions.
Paymentology is a global issuer-processor that supports the issuance and processing of various types of physical and virtual cards, including prepaid, debit, credit, multi-currency, and more. The company offers a multi-cloud platform with both shared and dedicated processing options, supported by a global presence and real-time data capabilities. Operating in 60 countries across 14 time zones, Paymentology aims to increase financial inclusion globally.
ChitChat is a social commerce platform that combines messaging, networking, and financial services. It allows users to connect, transfer money between wallets, and convert payments into local currencies. The platform is designed to offer secure and convenient transactions while fostering a connected community.
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