Youtap, a global provider of contactless mobile money payments and financial services software, has announced a partnership with MatchMove that will provide Youtap's customers in Africa and Asia with an off-the-shelf open-loop payment acceptance solution for closed-loop wallets.
Youtap has worked closely with MatchMove to provide integration to Youtap Pay, Youtap's mobile money payment processing platform.
According to the companies, the combined solution will enable mobile operators to issue Mastercard companion cards to their mobile money customers. Cards can be branded and integrated with an operator's current mobile wallet app.
"It makes it possible for customers without credit cards to buy products online and in stores with mobile money," reads a statement issued through the partnership.
This partnership is in response to the growing demand for Mastercard companion cards connected with mobile money accounts globally. It provides for tight integration for the acquiring, processing and settlement of credit, debit and prepaid cards linked to a mobile money wallet.
Chris Jones, CEO and founder of Youtap, said, "Our partnership with MatchMove is yet another disrupter for cash transactions in growth markets. It makes it possible for customers without credit cards to buy products online and in stores with mobile money."
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."
Youtap's mobile payments platforms are operating in multiple countries in Africa and Asia with various payment service providers and mobile network operators.
In April this year Mastercard partnered with prepaid processing and payments solutions provider Global Technology Partners (GTP) to roll out a range of prepaid solutions.
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."
Earlier this year Mastercard executives stressed the role of mobile technology in helping to secure a sustainable future for banking, money and payments in Africa.
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