Mastercard today announced a global partnership with Samsung to enable digital access to consumers and small businesses in emerging markets through its extensible Pay on Demand platform.
„Mastercard’s Pay on Demand platform is designed to accelerate digital inclusion by bringing together financial institutions, original equipment manufacturers and telcos to holistically solve issues that have limited device financing in emerging markets. In line with Mastercard’s principles for data responsibility, the solution allows consumers to access devices in a pay-as-you-go model.”, the company said.
Mastercard is collaborating with key players in the ecosystem to drive a new wave of inclusion through connectivity and smart devices, creating a digital economy that works for everyone. To accomplish this, the Pay on Demand platform consists of four components:
Lending Marketplace: Brings together lenders who provide consumers with access to affordable device financing
Security: Leverages Samsung’s embedded Knox security platform to ensure the integrity and safety of consumer data and transactions
Data: Provides tools for consumers to analyze and build their credit history from usage data
Payment: In partnership with telcos, Mastercard provides an opportunity for consumers to obtain virtual card numbers that can be used to pay for their device and make transactions everywhere Mastercard is accepted.
The platform, built by Mastercard Labs, will be launched with the Samsung Knox team in the Middle East and Africa region in early 2020 and extend to additional regions later this year.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
