Mastercard Acquires Oltio to Accelerate Digital Payments Adoption in Middle East and Africa

Mastercard has completed its acquisition of mobile payments technology company Oltio from Standard Bank Group.

The acquisition builds on Mastercard’s longstanding relationship with Oltio, a startup that pioneered and patented several mobile payments and banking solutions, including an authentication technology. Today, that technology enables consumers to authenticate Masterpass digital wallet purchases in South Africa using their bank PIN and mobile phone.

Over the coming months, Mastercard will leverage Oltio’s technology, people and infrastructure to enhance and scale its existing suite of digital solutions for merchants and issuers in cash-orientated, emerging markets – in turn, enabling them to deliver more seamless payment experiences to the consumer.

Also read  Legend Taste & Tell Headline Artiste Shines In Benin

“Too many consumers and merchants in the MEA region are stuck in a cash economy that doesn’t work for them,” says Mark Elliott, division president for Mastercard, Southern Africa. “By combining our joint expertise, technologies and reach, we can bridge the divide between the region’s cash economies and the digital future, bringing the benefits of digital payments to more people and businesses.”

Also read  Deepening women’s financial inclusion: Diamond Bank partners with Women’s World Banking, MTN to develop global model for digital financial services

Issuers will benefit from added functionality including person-to-person payments, bill payments, and airtime top-ups, which they can integrate into their existing mobile banking applications.

Also read  PR Lessons To Learn From BHM’s Research On The Olajumoke Orisaguna’s Story

For merchants, Mastercard will enhance and scale its omni-channel acceptance solutions, enabling even …read more

Source:: MediaCraft

*

*

Top