Mastercard and South Korean electronics giant Samsung have joined forces to support digital access in emerging markets and in turn, facilitate financial inclusion.
Under the partnership, consumers and small businesses in these markets can use Mastercard’s Pay on Demand platform developed by Mastercard Labs for better access to financial services.
The platform connects financial services providers, original equipment producers as well as telcos and allows one to access devices in a pay-as-you-go model.
The platform links lenders offering affordable device financing.
It utilises Samsung’s embedded Knox security platform to address security concerns related to payment data.
Through the platform, one can evaluate and build their credit history leveraging usage data and use a virtual card to make payments anywhere Mastercard is accepted.
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Samsung executive vice president of Global Mobile B2B KC Choi said: “This partnership with Mastercard is our way of making that future available to everyone by helping to close the digital divide, especially in emerging economies and countries.”
Plans are on to introduce the platform with the Samsung Knox team in the Middle East and Africa early this year. A broader roll-out is planned in later 2020.
Mastercard executive vice president of Digital Solutions Jorn Lambert said: “The Pay on Demand platform enables us to deliver on that vision and foster financial inclusion, giving consumers an opportunity to participate in digital commerce.
“By combining Samsung’s device management and security expertise with Mastercard’s innovative technology, we are creating an ecosystem that can deliver measurable, positive impact to the communities we serve.”