OPay and Mastercard are collaborating to drive financial inclusion across the Middle East and Africa by partnering to open up digital commerce in the region
A recent report found 86 percent of consumers in Colombia — approximately 1.6 million individuals — who had never had a bank account signed up for one between April and November 2020.
COVID-19 has dramatically increased reliance on real-time and digital payments, leading to a 41 percent surge in real-time payment transactions from 2019 to 2020.
The tie-up will enable Indian startups and SMBs to fold technology into their operations and accelerate digitalization while also maintaining business continuity and preparing for alternatives to cash payments.
The pandemic and the rise of mobile infrastructure have set the stage to bring people living in developing and emerging economies into the digital realm.
Mastercard plans to take Juvo’s platform to financial institutions across Latin America and the Caribbean. The companies said the service could potentially help open up banking services to millions of customers.
dLocal is growing its payment network to include three countries in Central America and the Caribbean, while SafetyPay has collaborated with Latin America’s Rappi.
The region’s financial institutions and merchants have needed to work swiftly to support unprecedented levels of digital payments.
Digital accelerated to the forefront amid the COVID-19 pandemic, but it’s become clear as governments lift stay-at-home orders that it’s now many consumers' preferred way of getting things done.