MasterCard Worldwide, Comviva Technologies and Tutuka have entered into a strategic collaboration to provide mobile money services, to enable financial inclusion of several consumers across Africa.
The partnership will allow operators using Comviva’s mobiquity platform to provide their customers with prepaid MasterCard cards or Virtual Card Numbers (VCN) linked to their existing stored value accounts.
In addition to performing activities such as transfer of funds and bills payment, customers will be able to buy goods and services at physical and online retailers across the globe where MasterCard is accepted.
Available to both Comviva’s existing and new mobile money implementations across Africa, the new service is expected to benefit over 750 million consumers across the continent.
Supported by Tutuka, the collaboration is part of the MasterCard Mobile Money Partnership Program that intends to help over 2.5 billion financially-underserved consumers to gain formal financial services access through their mobile phones.
According to Juniper Research, the combined market for all types of mobile payments is expected to reach more than $600bn globally by 2013.
MasterCard is a global payments processing network provider that connects consumers, financial institutions, merchants, governments and businesses in over 210 countries and territories.
Founded in 1998, Tutuka is a voucher system provider in South Africa.