Mastercard‘s new virtual payment solution, which is linked to the EziPay e-wallet, is set to open a payment gateway service for consumers and merchants in the Middle East and Africa (MEA) region to perform global digital transactions and connect with brands and businesses around the world.
Mastercard has reinforced its collaboration with fintech operators by partnering with EziPay to enable its MEA consumers to make digital commerce payments.
Consumers and merchants can use the Mastercard virtual payment solution to perform digital transactions and connect with brands and businesses around the world, wherever Mastercard is accepted.
Across MEA, mobile devices are the primary channel used to connect to the internet. According to GSMA, by 2025, it is estimated that there will be 300 million people using their devices to access internet services.
As mobile financial services continue to dominate the digital payments sphere, consumers are increasingly expecting to have access to a broader range of digital financial solutions.
Through this partnership, EziPay customers with a Mastercard virtual card linked to their EziPay wallets can make payments to global online merchants through websites and mobile applications; regardless of whether the customer has a bank account or not.
It will also allow small business owners to purchase from suppliers abroad and pay with the virtual payment solution.
The payment processor’s partnership with EziPay will allow it to “advance financial inclusion by creating an inter-connected global payments ecosystem,” said Mastercard’s Amnah Ajmal, and how the company is “very excited to help lead the transition to digital by enabling access to … consumers for online payments, providing greater choice and added value.”
Amit Gaur, CEO at EziPay, identifies the prevalent growth in the MEA region’s fintech sector, and how it has “contributed significantly to the advance of individual economies.”
“The Mastercard collaboration comes as we champion digital financial inclusion, it will improve seamless transaction for online payments and connect millions to the global online market, empowering the most vulnerable in our society,” continues Gaur.