Mastercard, Samsung to launch Pay on Demand in new markets
Mastercard is working with Samsung to launch its Pay on Demand platform in emerging markets to drive financial inclusion.
The effort enables consumers with virtual cards to pay for devices and other needs.
The Pay on Demand platform, built by Mastercard Labs, is designed to create an ecosystem of partners that can provide financial inclusion solutions to emerging markets with a focus on paying for services as they are consumed. The Pay on Demand platform will initially be launched with the Samsung Knox team in the Middle East and Africa regions in early 2020 and will extend to additional regions this year.
“The Pay on Demand platform enables us to deliver on that vision and foster financial inclusion, giving consumers an opportunity to participate in digital commerce," said Jorn Lambert, executive vice president of digital solutions at Mastercard in a press release.
"By combining Samsung’s device management and security expertise with Mastercard’s innovative technology, we are creating an ecosystem that can deliver measurable, positive impact to the communities we serve,” Lambert said.
There are four components to the Pay on Demand platform: Lending marketplace, security, data and payment.
The lending marketplace lets financial lenders provide consumers with access to affordable device financing. Security will leverage Samsung’s embedded Knox platform to protect consumers’ data and transactions. The data element provides consumers with usage analysis tools and helps them build their credit histories. In the payment piece Mastercard will provide virtual card numbers, in partnership with the telecommunications operators, to pay for their devices and make transactions at Mastercard merchants.
In March Mastercard announced the launch of a remittance-linked checking account, called a Smile Account, for migrant workers as a solution for increased financial inclusion. The Smile Account was launched in partnership with Belgium-based money transmitter Moneytrans and includes a debit Mastercard.