Renowned FinTech company, Mastercard has entered a fresh partnersip with Global Technology Partners (GTP) in order to launch fresh prepaid solutions to government institutions, financial services and consumers in Africa.
GTP is a prepaid processing and payments solutions provider that provides lasting solutions to prepaid processing and payment services globally. Mastercard is a leading global payments and technology company whose aim is to connect consumers, businesses and governments all around the world.
Development of vast solutions that will be implemented across African markets will come into being as a result of the new partnership. These solutions will support innovations across different sectors of the economy.
“African economies are in support of driving cash out of the financial system, and the introduction of digital payment solutions is in line with their cashless strategies. Businesses on the continent need smart solutions that will provide efficiency, but also offer convenient ways to track and monitor expenditure,” said Division President for Sub-Saharan Africa at Mastercard.
“Mastercard prepaid programmes give cardholders greater access to the global marketplace, while advancing government efforts to increase financial literacy and inclusion,” said CEO at GTP, Rich Bialek.
Bialek stated that the solutions to be provided by GTP and Mastercard partnership will result in introduction of new digital tools that will improve the financial sector as well as secure it.
Bialek stated, “These programmes also give businesses and government agencies a payroll solution that drives cash out of the system and provides essential financial tools to control cash flow. This partnership will also enable GTP to offer new payment solutions such as digital wallets and virtual cards to our customers.”
“GTP is committed to working with our partners to introduce digital prepaid solutions that meet the needs of consumers and businesses across the continent,” added Bialek.
Mastercard has been very notable in Africa for its known security of funds, that even most banks utilize their services in creating debit cards. However, irrespective of how the prepaid solutions are used by government institutions, financial services and customers, Mastercard superb approach to payments protection through its tools –EMV chip and PIN technology- will still be responsible for funds security.
As soon as funds are available on the prepaid cards, the cards can be used by its holders to make payments for goods and services –via a POS or phone- and can be used to make withdrawals from ATMs.