Emerging Markets Payments (EMP), a payments processing firm in Africa and the Middle East, has introduced a new virtual card.
Dubbed EMPay, the new offering is a pre-paid, non-reloadable e-commerce product that will be available to banks across EMP’s client base.
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The card, which is compatible with various payment schemes such as Visa and MasterCard, can be reused till the balance is fully spent. Its one-time loading nature will makes it accessible for even unbanked customers, subject to local regulations.
The product can be issued through various channels, including mobile banking, ATM, POS, internet, call centers, as well as branches.
It can be delivered remotely at any time, reducing operating costs for a bank; will require no or little know-your-customer (KYC) compliance, and no face-to-face contact.
EMP Africa CEO Murat Ozulku said: "I am delighted to be launching EMPay today. The use of cards for e-commerce in MEA is far behind the levels seen in other emerging markets and EMP is committed to increasing and improving the different payment solutions available in the region.
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By GlobalData"There are currently 136 million adults in the Middle East and 326 million adults in Sub-Saharan African that are defined as unbanked. EMPay is a fast, secure and cost effective prepaid product that allows banks to not only help their own customers, but also the unbanked across the region."
