MasterCard and fintech giant OPay announced a strategic collaboration to advance financial inclusion and economic prosperity by opening the door to digital commerce for millions of people in Eastern Europe, the Middle East and Africa .
This collaboration enables OPay customers and merchants in the region, including Morocco, Algeria, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa and the United Arab Emirates, to transact with brands and companies all over the world, thanks to virtual payment solutions connected from Mastercard to the electronic wallet of OPay.
The partnership is the latest achievement in Mastercard’s emerging market strategy as the tech companies work with growing fintech institutions, such as OPay, to expand access to digital payments, enable multiple life services , create new pathways for financial inclusion and support the next generation of superlative apps. Increasingly, consumers are looking for seamless user experiences on a single platform that offers easier transactions to easily and conveniently spend various daily needs, including sending and receiving money, ordering food, groceries, arranging transportation, lending, investing, and posting the things they want. to sell.
The first phase of this partnership will see OPay customers take advantage of Mastercard’s virtual payment solutions, linked to their OPay wallets, to make purchases from world-renowned brands in entertainment, travel, accommodation, entertainment, streaming services and more. The service is available whether or not the customer has a bank account and allows small business owners to buy from overseas suppliers and pay using a secure virtual payment solution.
“Mastercard’s innovation strategy is built on partnerships to support financial inclusion at scale, and our collaboration with OPay underscores our commitment to supporting payment providers around the world, helping them create a global payment system. interconnected, benefiting a large segment of consumers with distinct needs. ”
Yahui Zhou, CEO of OPay, said, “As the leading FinTech company in the Middle East and Africa, we are delighted to partner with MasterCard on our journey to advance financial inclusion, as it is essential to open the doors of the global economy to more consumers and businesses in Europe. East, Middle East, Africa, Southeast Asia and South America.
OPay is a fast growing mobile payment financial technology company, OPay has experienced significant growth over the past 3 years and has become one of the largest financial technology companies in Africa and the Middle East with a share of decent market in key markets such as Nigeria, Egypt and Pakistan and others. .
OPay offers personalized services to different customers to meet their needs; Some of these services include offline and online payments, digital wallet service through artificial intelligence and other fintech innovations.
OPay has over 15 million registered wallet users, 600,000 merchants in the countries where it operates, and has a monthly transaction value of over $6 billion.
Mastercard is strongly committed to promoting financial inclusion globally, pledging to bring 1 billion people and 50 million micro and small businesses into the digital economy, and working to attract 25 million female entrepreneurs in the digital economy by 2025.