Digital wallets drive online conversations on payments innovation in Kenya

According to the MasterCard Innovation Social Listening Study, digital wallets are the main topic of discussion online when it comes to payments innovation in some of the world’s biggest emerging markets. 

In partnership with PRIME Research, the MasterCard social listening study analysed over 10,000 online conversations between 1 May 2015 and 30 July 2015 in seven countries including Kenya, Nigeria, the United Arab Emirates, China, India, Malaysia, and Indonesia to learn what payment innovations people in these markets are most excited about and what safety and security concerns they have about adopting the latest technology.

Spikes in volume in Kenya were driven by announcements on hot topics such as digital or mobile wallets, despite the fact that some of the products being talked about have not been rolled out in the market yet.

The study also found that one of people’s greatest concerns when it comes to taking up innovative payments technology is how vulnerable their data could be to hackers and criminals.

The announcement that MasterCard is looking into facial recognition software that would allow people to use a selfie to complete a transaction was widely discussed across the region, showing that there is interest in using biometrics to make payments both easier and more secure.

Of all the emerging markets, India was where most discussions on payments innovation took place – with nearly half the total number of posts (48 percent) – followed by Indonesia (22 percent) and Nigeria (10 percent). Overall, the majority of posts were driven by news-story sharing with 96 percent favourable tonality.

Anthony Karingi, Vice President, Business Development for MasterCard, East Africa, says: “Kenyans are looking for newer and more convenient ways to pay provided it is secure and easy to use. From mobile payments to contactless technology, MasterCard’s innovations are changing the way people pay for everyday items, providing unrivalled levels of ease and convenience.”

The study demonstrates that emerging markets are ripe for innovation, and this is one of the driving factors behind the organization of the MasterCard Innovation Forum in Kuala Lumpur, which brings together experts from the financial services industry, merchants and the public sector to discuss the future of payments.

Starting today, the two-day Forum will focus on innovation in the payments and financial inclusion space, trends in relation to digital convergence and commerce, the rise in e-commerce through digital and social strategies, as well as the future of risk management given the critical importance of safety and security in payments. 

Many of the innovations in payments to date have been facilitated by the expansion in mobile telecommunications, and the easy availability of mobile phones across the world. Therefore for MasterCard, constantly innovating to meet the challenges of tomorrow is crucial. Together with its partners, it is constantly developing new technologies that make transactions not just smarter and faster, but also more convenient and secure.

At the MasterCard Showcase which is happening alongside the Forum, delegates will also get to experience, first-hand, some of these innovative payment technologies brought to life for the Global Connected Cities of tomorrow.

MasterCard launches partnership programme for startups in Africa

Global Electronic Payment Solutions Provider MasterCard has today launched Start Path Global – a unique six-month mentorship/partnership and capacity building Programme for startups. 
 

The partnership is an extension of the company’s existing footprint to a greater number of countries globally in Asia Pacific, Middle East, Africa and Latin America. 

The Start Path Global programme will allow innovators and young entrepreneurs to gain access to over 60 MasterCard experts and benefit from the opportunity to pilot their innovations or ideas with MasterCard or MasterCard customers around the world.  

“Start Path thoughtfully connects the right partners with the right startups to build the future of commerce together,” said Stephane Wyper, Global Lead of MasterCard Start Path.  “Our global expansion targets a broader range of startups and help them achieve success, " noted Wyper. 

Start Path Global programme has been designed to put the start-up first by allowing them to grow at their own space and pace. There is no need for a start-up to relocate, neither is there need for equity to be taken and allows full ownership for any intellectual property (IP) developed.

With this international expansion, startups from around the world and especially Africa, will also benefit from access to Start Path Partners, a group of more than 20 leading companies in banking, retail, and technology including Samsung Card, Target, Bank of Montreal, and Santander Innoventures. 

“Start Path Partners was created to provide carefully selected MasterCard customers with a first look at unique technologies and to offer startups a direct line into these corporates to test their solutions,” explained Mr. Wyper. 

How to Apply to Start Path Global:

Each quarter, MasterCard Start Path will recruit a new class of startups to embark on the six-month virtual programme. The call for applications to join the next class is open until September 18, 2015.  To enter, visit: www.startpath.com. The programme is open to all non-US based startups who meet the following criteria:

•       Solution live in market;

•       Established and experienced team;

•       Targeting sizeable market opportunity in the retail and financial technology space;

•       Demonstrable unfair advantage over competitors;

•       Seed or Series A investment recently secured.

Up to 18 promising startups will be invited to pitch their commerce solution to the MasterCard Start Path team in London on October 27 and 28, 2015. From there, a final list of six to eight companies will be chosen for the upcoming global class which will begin in early November.  Members of the next class will also be invited to attend the first Start Path Global Partner Summit to be held in Berlin on November 16 and 17, where they’ll have the chance to engage with prospective Start Path Partners and industry thought leaders.

To learn more about the application process and to find out more information about MasterCard Start Path, visit www.startpath.com or follow us on Twitter @MAStartPath.

MasterCard and Ecobank Group to roll out electronic payments in 32 sub-Saharan African countries

 Ecobank Transnational Inc. (“Ecobank”) today signed a landmark multi-country agreement with global payments technology company MasterCard to bring MasterCard’s payment solutions to more than 32 sub-Saharan African markets.

Albert Essien, Ecobank Group CEO & Michael Miebach, MasterCard President, MEA exchange copies of the agreement

It is a move that is expected to increase the acceptance and adoption of electronic payments in Africa.

A culmination of the multi-country licensing agreement signed by MasterCard and Ecobank in January 2014, this initiative will see Ecobank issue MasterCard debit, prepaid, and credit cards to millions of its customers over the next 10 years.

Ecobank will also roll out innovative MasterCard acceptance solutions designed to expand the number of merchant locations that accept MasterCard payment cards on the continent.  

Albert Essien, Group Chief Executive Officer of Ecobank, says: “This collaboration with MasterCard will enable us to achieve our vision of contributing to the economic and financial integration and development of the African continent by rolling out convenient, accessible and reliable financial products and services to our customers. Specifically, the initiative enables us to extend our MasterCard acquiring capabilities at thousands of merchants across Africa, grow our e-commerce acquiring business, and expand our service offerings to retail and commercial customers in Africa.”

Michael Miebach, President, Middle East and Africa at MasterCard, adds: “Bringing the benefits of electronic payments to markets across Africa and creating a world beyond cash is a primary focus for MasterCard. By collaborating with a leading pan-African financial institution such as the Ecobank Group with its extensive regional reach and established infrastructure, another successful step has been taken in ensuring access to safe, secure and convenient payments via MasterCard payment solutions.”

Over 1300 Ecobank subsidiaries will issue MasterCard-branded cards in Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic (CAR), Chad, Congo, Côte d’Ivoire, Democratic Republic of Congo (DRC), Equatorial Guinea, Gabon, The Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Rwanda, Sao Tome, Senegal, Sierra Leone, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. Ecobank Nigeria, the largest of the Ecobank Group’s 36 African subsidiaries, already began large-scale issuing of MasterCard payment products in April 2014.

As a result of the agreement, cardholders will now be able to access their funds at millions of automated teller machines in Africa and worldwide. They will also be able to pay for products and services in 210 countries and territories where MasterCard payment cards are accepted today.

The agreement will also see Ecobank roll out thousands of mobile point of sale devices to retailers in selected African countries, further boosting Ecobank’s current pan-African network. Mobile point of sale devices allow merchants to process MasterCard payment card transactions by connecting their smartphone or tablet to a secure card reader, enabling them to overcome infrastructure and communication challenges that may arise when using traditional POS devices.

Ecobank will also introduce the MasterCard Payment Gateway Service in selected countries to enhance online commerce for Ecobank’s small and medium enterprise, commercial and corporate customers. The e-commerce payment technology enables merchants to accept MasterCard or other branded payment cards, extending the security and convenience of electronic payments to these e-tailers and their customers who previously depended on cash. It also brings an additional layer of online shopping security to cardholders through the implementation of 3D Secure technology.

“The increased number of MasterCard acceptance locations in Africa means that more consumers and merchants can enjoy the additional protection from the risks and costs associated with cash. This is especially important in Africa, where more than 90 percent of transactions are still conducted in cash,” says Miebach.