Tag Archives: MasterCard
MasterCard: Latest News
Dana Sanchez, 9:40 pm
Mastercard hopes to roll out fingerprint payment cards globally by the end of 2017. South Africans’ willingness to try new technology and their familiarity with using biometrics for identification made the country an ideal market to test the payment cards. They’ll work with any card terminal around the world that accepts embedded chip technology. In the U.S., embedded chips are increasingly popular. Regulations make merchants and financial institutions liable for breaches resulting from a lack of support for chip-and-pin cards. Some merchants won’t have to get new equipment to accept fingerprint-enabled cards.
Staff, 7:46 am
MasterCard Worldwide this week started issuing credit cards in Somalia in a bid to tap the $1.6 billion annual remittances business that has been disrupted by U.S. and U.K. banks suspending their services on fears of inadvertently being involved in money laundering or terrorist financing. MasterCard is linking up with Somalia’s Premier Bank and has already distributed its first credit cards to Somalis
Staff, 8:07 am
Visa and MasterCard are jumping on the mobile payments bandwagon in Africa, a region where consumers are ahead of their counterparts in other parts of the world. Both financial powerhouses announced their expansion plans, which include partnerships with mobile money service providers, at Mobile World Congress this week in Barcelona.
Makula Dunbar, 3:02 pm
Accra, the capital of Ghana, is the African city with the highest potential for inclusive growth, according to the 2014 MasterCard African Cities Growth Index (ACGI). This is the second consecutive year that Accra has taken the top spot on the Index. Launched in 2013, the ACGI maps the continent’s economic outlook according to the inclusive urbanisation of its cities.
Makula Dunbar, 5:38 pm
Largely because of fraud and minimal efforts — on the behalf of businesses — to secure sites, many South Africans are weary of online shopping. While online shopping has not declined significantly in South Africa, 90 percent of online consumers say they would spend more money if security was heightened. For 42 percent of online shoppers, their hesitance is attached to online transactions.
Dana Sanchez, 12:17 pm
Africa has huge strategic importance for MasterCard and the company plans to continue investing in infrastructure, people and know-how on the continent. MasterCard says it has more than 58,000 ATM locations and 438,000 point-of-sale terminals in Africa. It now has services in 48 African countries.
Frank Mutulu, 11:33 am AFKI Original
Visa and MasterCard have expanded their footprints in Africa to cushion themselves from dwindling or stagnating sales in their traditional markets.
Frank Mutulu, 11:16 am
New entrants into East Africa will be game changers in the credit card business as they tap into the marginalized, self employed and informal sectors. Card company giants focused in the past on salaried individuals or those in formal employment, leaving a huge chunk of the population excluded.
Steven J. Smith, 9:39 am
Fawry, a payment service available through Egyptian banks and a nationwide network of retailers, enables customers to pay their bills securely and conveniently through channels available 24/7 via one’s bank ATM — as well as Internet banking, mobile banking and Interactive Voice Response technology. Unlike its western counterparts, up until recently Egypt has maintained a cash-based transaction commerce system. According to research cited by Fawry founder and CEO Ashraf Sabry, only 1.5 percent of household consumption is paid electronically. Credit card use is minimal as well.
Dana Sanchez, 10:13 am
MasterCard plans to equip 22,000 rural South African merchants with point of sale devices, allowing them to accept card payments for the first time. Servicing millions of customers in rural areas and under-served settlements, these merchants have historically operated on a cash-only basis.
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