Mastercard (NYSE: MA) signed a global partnership with Samsung to enable digital access to consumers and small businesses in emerging markets through its extensible Pay on Demand platform.
Mastercard’s Pay on Demand platform is designed to accelerate digital inclusion by bringing together financial institutions, original equipment manufacturers and telcos to solve issues that have limited device financing in emerging markets. In line with the company’s principles for data responsibility, the solution allows consumers to access devices in a pay-as-you-go model.
Mastercard is collaborating with key players in the ecosystem to drive a new wave of inclusion through connectivity and smart devices, creating a digital economy that works for everyone. The Pay on Demand platform consists of four components:
– Lending Marketplace: Brings together lenders who provide consumers with access to affordable device financing
– Security: Leverages Samsung’s embedded Knox security platform to ensure the integrity and safety of consumer data and transactions
– Data: Provides tools for consumers to analyze and build their credit history from usage data
– Payment: In partnership with telcos, Mastercard provides an opportunity for consumers to obtain virtual card numbers that can be used to pay for their device and make transactions everywhere Mastercard is accepted.
The platform, built by Mastercard Labs, will be launched with the Samsung Knox team in the Middle East and Africa region in early 2020 and extend to additional regions later this year.