Mastercard and Cellulant have signed an agreement, which will see clients of the payments firm across Africa shop and pay online without the need for a bank account.
The deal will see customers pay globally with a Mastercard virtual payment solution linked to the Cellulant wallet Tingg. The Mastercard technology will enable consumers to shop online with or without a bank account, through a simple and secure payment experience.
“We see the increasing proliferation of fintechs as a strategic opportunity to add value by creating more connections, better user experiences and greater choice for consumers,” said Mastercard Eastern Europe, Middle East and Africa executive vice president Amnah Ajmal.
The partnership comes at a time digital commerce and online shopping is thriving across the continent as the need for safer means of shopping online takes centre stage.
Covid-19 period saw a surge in digital commerce in line with distancing protocols.
“By partnering with Mastercard, we are looking to further open up pathways that effectively position our customers for the growth they need,” said Cellulant Group chief revenue officer David Waithaka.
Mastercard is riding on its enhanced payment security to grow reach into the African market amid increasing concerns over payment security.
The American giant recently acquired global technology company NuData to beef up security for its payment system and win confidence in the largely untapped African market.
NuData’s flagship product, NuDetect, identifies real users over fraudulent ones based on their online, mobile, and smartphone interactions.
High technology advances have seen a rise in the level of sophistication used by criminals to commit financial fraud and cybercrimes in the past years, threatening the loss of billions in shillings to banks and businesses, and forcing them to be vigilant.