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Mastercard, Samsung join forces for digital inclusion

Friday 13 March 2020 13:33 CET | News

Mastercard has announced a global partnership with Samsung to enable digital access to consumers and small businesses in emerging markets through its extensible Pay on Demand platform.

Mastercard’s Pay on Demand platform aims to accelerate digital inclusion by bringing together financial institutions, original equipment manufacturers, and telcos. Th goal of this is to holistically solve issues that have limited device financing in emerging markets. The solution allows consumers to access devices in a pay-as-you-go model.

Samsung’s device management and security expertise combined with wth Mastercard’s technology, they are creating an ecosystem that can deliver measurable, positive impact to the communities they serve. Moreover, the Pay on Demand platform consists of four components:

  • Lending marketplace: it brings together lenders who provide consumers with access to affordable device financing;
  • Security: it leverages Samsung’s embedded Knox security platform to ensure the integrity and safety of consumer data and transactions;
  • Data: it provides tools for consumers to analyse and build their credit history from usage data;
  • Payment: in partnership with telcos, Mastercard provides an opportunity for consumers to obtain virtual card numbers that can be used to pay for their device and make transactions everywhere Mastercard is accepted.

 


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Keywords: MasterCard, Samsung, partnership, digital inclusion, markets, payments, pay-as-you-go, financial services, security
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech