Visa, Mastercard Jump On The Mobile Payments Bandwagon In Africa

Visa, Mastercard Jump On The Mobile Payments Bandwagon In Africa

By Michael Malakata | From PC World

Visa and MasterCard are jumping on the mobile payments bandwagon in Africa, a region where consumers are ahead of their counterparts in other parts of the world.

Both financial powerhouses announced their expansion plans, which include partnerships with mobile money service providers, at Mobile World Congress this week in Barcelona.

The African mobile money market is very attractive. The continent has a large population of people who do not have traditional bank accounts, especially in rural areas. It has also has experienced an explosion of mobile money services as operators and banks compete for customers.

The increase in mobile money services has also been fueled by the rapid uptake of mobile phones on the continent, which for many people are their only Internet access devices.

Visa and Airtel, Africa’s second largest mobile phone operator, have partnered to provide mobile money services in seven African countries.

Under the agreement, Visa and Airtel will build on the existing capabilities of Airtel’s mobile money service. Under the plan, subscribers will be able to use their Airtel money account to pay in stores and online wherever Visa is accepted.

Read more at PC World