- Mastercard announced it 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 announced it 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. The Mastercard Pay on Demand platform is designed to accelerate digital inclusion by bringing together financial institutions, original equipment manufacturers, and telecommunication companies to holistically solve issues that have limited device financing in emerging markets. And in line with Mastercard’s principles for data responsibility, the solution allows consumers to access devices in a pay-as-you-go model.
Mastercard is working with key players in the ecosystem to drive a new wave of inclusion through connectivity and smart devices thus creating a digital economy that works for everyone. And to accomplish this, the Pay on Demand platform consists of four components:
1.) Lending Marketplace – Brings together lenders who provide consumers with access to affordable device financing
2.) Security – Utilizes Samsung’s embedded Knox security platform to ensure the integrity and safety of consumer data and transactions
3.) Data – Provides tools for consumers to analyze and build their credit history from usage data
4.) Payment – In partnership with telecommunications companies, 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 — which is 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.
Key Quotes:
“At Mastercard, we see a connected world where opportunity and prosperity are possible for everyone, everywhere,” said Jorn Lambert, executive vice president, Digital Solutions, Mastercard. “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.”
-Jorn Lambert, executive vice president, Digital Solutions at Mastercard
“Our vision is to inspire the world and shape the future through transformative ideas and technologies. 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.”
KC Choi, executive vice president, Global Mobile B2B at Samsung
