MasterCard has put its weight behind the
Singaporean mobile payments company Utiba to roll out a converging
payments strategy.
This strategy aims to bring “banking
services to the underbanked segments of the world,” said Utiba’s
Co-CEO Richard Matotek.
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He said: “Partnering with MasterCard is a
first step in launching Utiba’s Converging Payments strategy, which
calls for the intersection of mobile wallets with traditional card
based payments”
Matotek added that its Converging Payments
represent the next milestone in financial inclusion as it “will
allow mobile wallet holders to transact globally and on the
Internet”.
The move will allow Utiba’s 500m
subscribers to issue MasterCard companion cards, the company
said.
Companion cards will enable subscribers to
make purchases at POS terminals, get cash in ATMs, buy online and
authorise card-based payments from their mobiles.
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By GlobalData“This partnership provides new payments
options to people through a device that’s already in the palm of
their hands today”, MasterdCard’s group executive for mobile, Mung
Ki Woo said.
