Mastercard has partnered prepaid processing and payments solutions provider Global Technology Partners (GTP) to roll out a host of the latest prepaid solutions to government institutions, financial services and consumers in Africa.
The partnership will see the development and implementation of a wide range of solutions across various markets on the continent, aimed at supporting government payments, driving innovation in the travel and tourism sector, and driving transparency and efficiency for the financial services and corporate sector.
“African economies are in support of driving cash out of the financial system, and the introduction of digital payment solutions is in line with their cashless strategies. Businesses on the continent need smart solutions that will provide efficiency, but also offer convenient ways to track and monitor expenditure,” said Daniel Monehin, division president for Sub-Saharan Africa at Mastercard.
GTP will provide Mastercard prepaid card solutions to strengthen its existing offering in Africa, and provide consumers with greater access to payment systems, international travel and online shopping.
“Mastercard prepaid programmes give cardholders greater access to the global marketplace, while advancing government efforts to increase financial literacy and inclusion,” said Rich Bialek, CEO at GTP.
“These programmes also give businesses and government agencies a payroll solution that drives cash out of the system and provides essential financial tools to control cash flow. This partnership will also enable GTP to offer new payment solutions such as digital wallets and virtual cards to our customers.”
Regardless of how prepaid solutions are used, funds will be secured by the Mastercard multi-layered approach to protecting payments, which includes EMV chip and PIN technology.
Once funds are loaded to the prepaid card, cardholders can use it to pay for goods and services in-store, online or by phone, and also to withdraw cash from ATMs.
“GTP is committed to working with our partners to introduce digital prepaid solutions that meet the needs of consumers and businesses across the continent,” said Bialek.