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Mastercard partners OPay announce strategic to grow cashless ecosystem

Mastercard and OPay have announced strategic partnership to grow cashless ecosystem and advance digital financial inclusion for millions of users.

The partnership will enable OPay customers to pay on global online platforms backed by Mastercard’s secure Mastercard virtual payment solution linked to the OPay wallet

Also, OPay consumers will enjoy a superior digital experience for multiple lifestyle services and new digital commerce opportunities for, with or without a bank account

In addition to digital commerce enablement, the two parties will jointly develop solutions to position OPay at the leading edge of financial services within the markets they operate in.

In a statement yesterday, the duo said the partnership marks a significant boost for wider financial inclusion and economic prosperity by opening up digital commerce to millions of people across Middle East and Africa.

The collaboration enables OPay consumers and merchants in the region – including Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa and the UAE – to engage with brands and businesses anywhere across the globe.

This partnership is the latest milestone in Mastercard’s emerging market strategy where the technology company is collaborating with growing Fintech’s such as OPay to expand access to digital payments, enable multiple lifestyle services.

It also creates new pathways to financial inclusion and support the next generation of super-apps.

The service is available regardless of whether or not the customer has a bank account. It also allows small business owners to purchase from suppliers abroad and pay with the secure virtual payment solution.

Consumers are increasingly looking for seamless user experiences on a single platform offering easier interactions to complete various day-to-day needs, including sending and receiving money, ordering food and groceries, organizing transport, lending, investing and listing items they wish to sell.

In the initial phase of this partnership, OPay customers will benefit from the Mastercard virtual payment solution linked to their OPay wallets, to shop at well-known global brands for leisure, travel, accommodation, entertainment, streaming services and more.

The service is available regardless of whether or not the customer has a bank account. It also allows small business owners to purchase from suppliers abroad and pay with the secure virtual payment solution.

Commenting, Executive Vice President for Market Development, Mastercard EEMEA, Amnah Ajmal, said: “At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale.

“Our partnership with OPay demonstrates our commitment to supporting payments providers across the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs.”

Similarly, the CEO of OPay, Yahui Zhou, said: “As the leading fintech in the Middle East and Africa, we are delighted to be partnering with Mastercard as we continue on our journey to promote financial inclusion, helping to open up the global economy to more consumers and businesses across Middle East, and Africa.”

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