Need to Know
- Mastercard’s new partnership with Samsung will bring digital technology to emerging markets and accelerate connectivity and the ability to acquire smart devices.
- Mastercard’s platform links banks, equipment manufacturers, and telcos together, enabling people to access devices in a pay-as-you-go model.
- The goal of Mastercard’s Pay on Demand platform is to create a digital economy that works for everyone by enabling a lending marketplace, security, data, and payment components.
- The platform will be launched by Samsung Knox in the Middle East and Africa region in early 2020 and will extend to additional regions later in the year.
Mastercard hopes to accelerate connectivity and bring digital tech to businesses and individuals in emerging markets with its Pay on Demand platform and a new Samsung partnership.
“At Mastercard, we see a connected world where opportunity and prosperity are possible for everyone, everywhere,” said Jorn Lambert, EVP of digital solutions for Mastercard in a press release.
Pay on Demand brings together financial institutions, original equipment manufacturers and telecom companies to holistically solve issues in emerging markets that have limited device financing. The solution also allows consumers to access devices in a pay-as-you-go model.
“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. 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 in the release.
Samsung Knox’s integrated security platform will safeguard data and give consumers the ability to analyze their own data and build credit history using a virtual card wherever Mastercard is accepted.
Essentially the new platform will improve customer access to financial services and other offerings, driving financial freedoms and improve economic possibilities for both individuals and businesses needing assistance.
On their mission to improve lives, Mastercard recently rolled out their own transit solutions initiative aimed at making cities smarter, using its massive network to address shortcomings in city infrastructure, simplifying the daily commute for citizens.
Samsung Knox will be handling the launch of the new Pay on Demand platform with rollouts happening first in the Middle East and Africa region in early 2020 with additional regions to follow later in the year.