MasterCard and KaiOS team up to empower African entrepreneurs with accessible digital payment solutions
In a significant move towards financial inclusion and economic empowerment, KaiOS Technologies and Mastercard have formed a partnership to integrate digital payment solutions for small businesses in Africa and other emerging regions.
The collaboration aims to leverage KaiOS's affordable smart feature phones with Mastercard's payment technology and global network to drive digital payment acceptance and support economic growth. Dirk Bruynse, Chief Operating Officer of Wizzit, anticipates that the partnership will help expand secure payment acceptance solutions across Africa and beyond.
The partnership initially focuses on Côte d'Ivoire and Nigeria, enabling small business owners to accept digital payments using KaiOS devices and Mastercard's QR Pay by Link. Olamide Afolabi, CEO of TAP, views the integration of KaiOS into their platform as a crucial step in enabling millions of feature phone users to access digital payment solutions.
Sebastien Codeville, CEO of KaiOS Technologies, highlighted the company's mission to connect underserved communities with the digital world. This partnership represents a significant step towards achieving this mission in Africa.
Mastercard's recent activities in Africa include partnering with Onafriq in April 2024 to enhance secure payments for consumers and SMEs. The company also invested $200 million in MTN Group's fintech business in February 2024.
Jorn Lambert, Mastercard's chief product officer, emphasized the importance of simplifying digital payment acceptance for merchants across various scales. He believes that this partnership will help overcome the high costs and technical hurdles often associated with adopting digital payments in developing markets.
The partnership also extends to various partners in African markets, including Touch and Pay Technologies (TAP) and Wizzit. The companies are working together to move forward by meeting people where they are today.
Plans are in place to introduce tap-and-go contactless payments technology in the near future. This technology is expected to further simplify digital payment acceptance and boost the adoption of digital payments across Africa.
The partnership aligns with Mastercard's efforts to drive greater financial inclusion in Africa. By providing affordable and accessible digital payment solutions, the companies hope to transform the landscape of digital payments in Africa and beyond.
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