Youtap and Matchmove have made an announcement about their partnership. Their partnership is to bolster the mobile money services in multiple countries across Africa.
Youtap is a fintech startup that provides contactless mobile money and financial services software. Youtap provides users with the platform to use their device to make mobile money transactions on any point of sales (POS) device across Africa. On the other hand, Matchmove provides companies with mobile money solutions.
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“It makes it possible for customers without credit cards to buy products online and in stores with mobile money,” statement issued through the partnership read.
The new partnership means Youtap has integrated Matchmoves’s services into Youtap Pay, Youtap’s payment processing platform.
Another fresh development that evolved from the partnership is that the mobile operators can now issue Mastercard companion cards to the mobile money customers. This means that the cards can be integrated with a mobile operator’s wallet app.
Shailesh Naik, CEO of MatchMove, said, “MatchMove is committed to accelerating financial inclusion for the millions of people worldwide who are now connected digitally via their smartphones but remain unbanked and uncarded. Our partnership with Youtap will expand the availability of our secure cashless solutions for mobile operators around the world, thus creating a new channel to bridge the gap between mobile money and end users.”
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Youtap’s services are not only available in Africa but also available in Asia. The integration with Matchmove will also take effect in Asia as well.
Much early this year, executives from Mastercard stressed the impact mobile technology will have in assisting to ensure a banking, money and payments will have a sustainable future in Africa
Daniel Monehin, division president for Sub-Saharan Africa at Mastercard, was quoted as saying, “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.”