Through the partnership, customers will be able to pay anywhere in the world using a Mastercard virtual payment solution connected to the Cellulant wallet, Tingg. Using Mastercard’s technology, customers can shop online with or without a bank account and enjoy a quick and secure payment process.
Customers can take advantage of a variety of opportunities thanks to the Mastercard virtual payment solution, which is connected to Cellulant’s Tingg payment gateway, whether or not they have a bank account. Customers will be able to shop from well-known international digital commerce companies while at home or abroad, paying swiftly and securely for leisure purchases, travel, lodging, entertainment, streaming services, and more.
The announcement comes at a time when online shopping and digital commerce are booming across Africa and there is a growing demand for safer online purchasing options. According to the Mastercard Economics Institute’s Economy 2021 Outlook, 20–30% of the COVID-19-related spike in digital commerce will continue to be a permanent element of overall retail expenditure, and the majority of how consumers reach these opportunities is through mobile shopping.
Mobile devices are the main method of connecting to the internet in Sub-Saharan Africa. Smartphone connections are anticipated to reach 678 million in 2025, with a penetration rate of 65%, according to GSMA. As a result, mobile payments-driven alternative payment methods are starting to take control of the landscape of digital payments.
Customers consequently have higher expectations for having access to a wider variety of online products and digital financial services.
Most of these customers shop at micro, small, and medium-sized enterprises for their goods and services. Approximately 100 million MSMEs exist in Africa today, yet fewer than 5% of their transactions are digital. For these companies, virtual cards present an appealing route to digitization with additional advantages like tracking, reconciliation, and speedy settlement of daily payments, better management of customer and supplier relationships, and reduced fraud risk, all without compromising operational speed. By utilizing them, expansion opportunities are made possible through value chain finance and the simplicity of acquiring working capital.
In order to create a robust digital economy that can open up a future without currency where everyone may prosper, Mastercard is working with partners. By 2025, 1 billion people and 50 million small and medium-sized enterprises worldwide will have access to financial services because to Mastercard’s global commitment to financial inclusion.
“Mastercard’s technology enables our digital partners to redefine their consumer’s digital commerce interactions and experiences. By focusing on the provision of multi-use, omnichannel digital payment solutions, Mastercard is enabling its partners, such as Cellulant, to improve their operational efficiency, diversify their revenue, and transition seamlessly into digital commerce. We see the increasing proliferation of fintechs as a strategic opportunity to add value by creating more connections, better user experiences and greater choice for consumers,” said Amnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, Mastercard.
We believe seamless payment experiences are the backbone for accelerating economic growth across Africa. MSMEs are the driving force for Africa’s economy and our work in digitising payments for businesses and their consumers enables the requisite foundation for innovation, economic development and financial inclusion. By partnering with Mastercard, we are looking to further open up pathways that effectively position our customers for the growth they need,” said David Waithaka, Chief Revenue Officer, Cellulant Group.
