Digital Economy: MasterCard, Samsung Partner To Aid Small Businesses

A global partnership between Mastercard and Samsung is set to reduce the rate of digital exclusion as wells as enable consumers and small businesses to derive significant benefits from the digital economy.

A statement from Mastercard stated that the partnership will offer digital financial access to those in emerging markets through its extensible Pay on Demand platform by creating a digital economy that works for everyone.

Mastercard in collaboration with key players in the ecosystem, says the company is now set to drive a new wave of inclusion through connectivity and smart devices.

Executive vice president, Digital Solutions, Mastercard, Jorn Lambert said, “At Mastercard, we see a connected world where opportunity and prosperity are possible for everyone, everywhere.  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 a measurable, positive impact on the communities we serve.”

Mastercard’s Pay on Demand platform is designed to accelerate digital inclusion by bringing together financial institutions, original equipment manufacturers and telcos to holistically solve issues that have limited device financing in emerging markets.

In line with Mastercard’s principles for data responsibility, the solution allows consumers to access devices in a pay-as-you-go model. 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.

“Our vision is to inspire the world and shape the future through transformative ideas and technologies,” said KC Choi, executive vice president, Global Mobile B2B, Samsung. “This partnership with Mastercard is our way of making that future available to everyone by helping to close the digital divide, especially in emerging economies and countries.”