Tigo Tanzania, Selcom and Mastercard Inc. have partnered to introduce online payments on a global scale
- The three parties have launched the service through the Tigo Mastercard virtual service via Selcom’s card-as-a-service (CaaS) platform
- The deal is expected to enable Tigo Pesa customers to transact on global payments platforms
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Tigo Tanzania, Selcom and Mastercard Inc. have partnered to introduce online payments on a global scale. The three parties have launched the service through the Tigo Mastercard virtual service via Selcom’s card-as-a-service (CaaS) platform.
According to the partners, the deal is expected to enable Tigo Pesa customers to transact on global payments platforms. They will also benefit from Mastercard’s technology which would enable new digital commerce opportunities for consumers and merchants, through simple and secure payment experiences.
The launch of the virtual card will ensure Tigo’s ability to provide its customers access to products and services previously a preserve of physical credit card holders while diversifying its mobile money portfolio.
Digital payments in Tanzania
Additionally, the partnership will result in a wide range of cutting-edge digital payment solutions being introduced in Tanzania and connect Tigo customers in Tanzania to a global online marketplace across multiple digital payment use cases and provide access to Mastercard’s global network of merchants.
Tigo’s Chief Officer for Mobile Financial Services (MFS) Angelica Pesha said the company is always looking for partnerships that would enable customers to have quick and easy services.
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“This partnership further cements our position as a provider of choice for Mobile financial services and we believe this venture will increase the number of transactions for cross-border business, this showcases that Tigo Pesa is a fully-fledged financial service in Tanzania,” Pesha said.
“The virtual card allows Tigo consumers to easily make payments at any online purchase point where Mastercard is accepted without the need for a bank account or credit card. To create the virtual card, customers should dial Tigo Pesa menu (*150*01#) or use Tigo Pesa App and follow the simple steps. Once the card is created, the virtual card is ready for use for online payments,” she added.
Selcom’s Executive Director, Sameer Hirji said they take pride in their unwavering commitment to innovation and excellence in the payment industry.
“We are thrilled to join forces with esteemed partners like Tigo Pesa and Mastercard to unveil our state-of-the-art mobile money wallet-linked virtual card. By constantly investing in our infrastructure and refining our market presence, we aim to deliver cutting-edge, dependable solutions that foster growth and success for our partners and customers alike.”
Ngozi Megwa, Senior Vice President, Digital Partnerships EEMEA, Mastercard said the company recognizes that consumers today are looking for simple and secure financial products that add more value to their daily lives.
“Our innovation approach is focused on enabling the digital transformation of our partners so that millions of customers can enjoy seamless access to a global payments eco-system with a superior user experience. Our technology is fully equipped to empower our partners to launch innovative and relevant solutions that will create a strong value proposition for all our customers. With our deepened relationships with the telecommunications industry players, this partnership with Tigo embeds our commitment to further expand customer choice and access to digital commerce.”
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Tigo Pesa customers can request the virtual card from the Tigo Pesa menu. Additionally, Tigo Pesa will offer its customers multiple card creation options, which are; One-Time-Use and Validity Card which has an option of 90 Days. Once the card is created, the virtual card is ready for use for online payments.
Mastercard partners with DTB
In a separate story, Kenya’s Diamond Trust Bank (DTB) and global technology company Mastercard have announced a strategic agreement that will enable the bank to provide payment cards to tech-enabled companies including fintechs in Kenya.
The Agreement, a first of its kind in the region, will enable tech-enabled companies to issue their own card propositions through DTB, using Mastercard’s technology.
It will enable DTB to process and settle payments in a faster, more convenient, cost-effective and regulated way as it works to increase its footprint in the region. The agreement will also improve the reach and ability of fintechs, edu techs and health techs to accept or make card payments securely and swiftly.
This partnership reiterates both Mastercard’s and DTB’s commitment to empower digital service providers in the region with the much-needed solutions to scale and expand their businesses. In keeping with both companies’ strategic goals is the commitment to drive financial inclusion and partner with new and emerging players to digitize payments across East Africa.
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The bank has also received approval from the Central Bank of Kenya to offer Cards-as-a-Service using their regulatory license to tech-enabled approved partners.