eServGlobal joins MasterCard’s Mobile Money Partnership Program
Paris: 25 February 2013
eServGlobal announces an agreement to join the MasterCard Mobile Money Partnership Program (MMPP).
The Program, an initiative of MasterCard, was launched in February 2012 and is designed to help more than 2.5 billion financially-underserved consumers around the world use their mobile phones to access mainstream financial services.
eServGlobal is an established technology provider, offering a comprehensive suite of end-to-end mobile financial services to operators and financial service providers worldwide. In addition to core mobile money services such as P2P transfers, airtime top-up and bill payment, eServGlobal’s portfolio encompasses services ranging from mobile international remittance to micro-insurance, micro-savings and micro-loans. The MasterCard Mobile Money Partnership program complements eServGlobal’s open-loop mobile money solutions which link mobile wallets to the MasterCard network via companion cards. eServGlobal has more than 95 mobile and financial services customers in over 65 countries.
“Mobile has the unique potential to provide financial inclusion in emerging markets like Latin America, the Middle East and Africa. In fact, 16 percent of adults in Sub-Saharan Africa report having used a mobile phone in the past 12 months to pay bills or send or receive money,” said Mung Ki Woo, Group Executive, Mobile, MasterCard Worldwide. “The addition of eServGlobal into the Mobile Money Partnership Program increases our collective reach and influence in emerging markets where better access to electronic payments is vital. Each of the partners brings their own unique contribution to the program, and we look forward to working with them to address one of the defining challenges of our time.”
“We believe that mobile money is a service that can change people’s lives in developing countries, yet it requires the right infrastructure, ecosystem and marketing,” said Craig Halliday, CEO and Managing Director, eServGlobal. “We believe that by partnering with MasterCard, we can help to further the Mobile Money Partnership Program and in turn progress financial inclusion around the globe.”
While only about half of the world’s households have bank accounts – and an even lower proportion in developing countries – seven out of 10 people worldwide have a mobile phone. Mobile technology is a key driver in realizing a world beyond cash, providing access to the economic mainstream, delivering the benefits of safety and security that are part of electronic payments, creating profoundly new shopping experiences and enabling millions of consumers to lead a more connected life.
The Mobile Money Partnership Program offers consumers the following MasterCard services:
• Prepaid companion cards that can be used at merchants that accept MasterCard cards.
• Virtual card accounts for consumers to make eCommerce payments with their mobile money account.
• Person-to-person payments between subscribers of two different mobile money services.
• Face-to-face or remote payments using mobile phones for goods and services at merchants that do not have traditional POS acceptance.