Mastercard has collaborated with Vodacom and financial services provider BancABC to launch an M-Pesa virtual card in Tanzania.
The new virtual card is ready for M-Pesa mobile wallet users at any merchants accepting Mastercard.
M-Pesa virtual card is available for both in-store payments and digital payments. It eliminates the need for a bank account or credit card.
Vodacom Tanzania acting managing director Hisham Hendi said: “The introduction of this functionality through the M-Pesa virtual card will revolutionise how people transact by removing the barrier of having bank accounts and risk of putting bank details online.”
Customers can sign up for the new card via the M-Pesa USSD menu. The partners also intend to make the registration available on the M-Pesa app. This can then be used to top-up the card.
Mastercard president of Sub Saharan Africa division Raghav Prasad said: “The continued roll out of innovative technology solutions in the e-commerce space represents an opportunity for greater financial inclusion and means that more people will be able to make payments, without the inconvenience of cash.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“With 60% of these transactions happening on mobile platforms, the future of financial inclusion undoubtedly lies in the mobile device that most of us carry around with us.”
Mobile wallet solutions are considered to be the main contributor to increased online payments in Tanzania.