What you need to know:
- Partnership will enable OPay customers to pay on global online platforms backed by Mastercard’s secure virtual payment solution linked to the OPay wallet.
- OPay consumers will enjoy a superior digital experience for multiple lifestyle services and new digital commerce opportunities for, with or without a bank account.
- In addition to digital commerce enablement, the two parties will jointly develop solutions to position OPay at the leading edge of financial services within the markets they operate in.
Mastercard and fintech giant OPay have announced a strategic partnership that marks a significant boost to wider financial inclusion and economic prosperity. The partnership promises to open up digital commerce to millions of people across the Middle East and Africa.
The collaboration enables OPay consumers and merchants in the region – including Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa and the UAE – to engage with brands and businesses anywhere across the globe, thanks to a Mastercard virtual payment solution linked to the OPay eWallet.
This partnership is the latest milestone in Mastercard’s emerging markets strategy, where the technology company is collaborating with growing fintech’s, such as OPay, to expand access to digital payments, enable multiple lifestyle services, create new pathways to financial inclusion and support the next generation of super-apps.
Consumers are increasingly looking for seamless user experiences on a single platform offering easier interactions to complete various day-to-day needs, including sending and receiving money, ordering food and groceries, organising transport, lending, investing and listing items they wish to sell.
In the initial phase of this partnership, OPay customers will benefit from the Mastercard virtual payment solution linked to their OPay wallets, to shop at well-known global brands for leisure, travel, accommodation, entertainment, streaming services, and more. The service is available regardless of whether or not the customer has a bank account. It also allows small business owners to purchase from suppliers abroad and pay with the secure virtual payment solution.
“At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale. Our partnership with OPay demonstrates our commitment to supporting payments providers across the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs,” says Amnah Ajmal, Mastercard Eastern Europe, Middle East and Africa (EEMEA) Executive Vice-President for Market Development.
Yahui Zhou, the OPay CEO, says: “As the leading fintech in the Middle East and Africa, we are delighted to be partnering with Mastercard as we continue on our journey to promote financial inclusion, helping to open up the global economy to more consumers and businesses across Middle East and Africa.”
Since its operations started in 2018, OPay’s active users have grown to 15 million in the dozens of markets in which it operates. The company processes millions of transactions per day on average. In Nigeria alone, where OPay takes significant market share, users have saved billions of US dollars in the last four years through credit-linked savings accounts from their mobile wallets, and small loans from lenders that use its platform.
Plans are in place to launch OPay services in other markets in the next three to five years, significantly driving the growth of digital inclusion and digital commerce, while at the same time widening OPay customer inclusion into the global economy.
Mastercard has made a worldwide commitment to financial inclusion, pledging to bring 1 billion people and 50 million micro and small businesses – with a focus on 25 million women entrepreneurs – into the digital economy by 2025.
OPay is a fast-growing mobile payment fintech company. It has achieved significant growth in the past three years, and has become one of the largest fintech companies in Africa and the Middle East, with a decent market share in key markets, including Nigeria, Egypt, and Pakistan, among others.
OPay offers bespoke services to different clients in order to suit their needs. Some of these services include offline payment, online payment, digital wallet service through AI and other fintech innovations.
OPay boasts over 15 million registered wallet users, 600,000 merchants nationwide, and surpassed $6 billion in monthly transaction value.
Mastercard (NYSE: MA) is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart and accessible.
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