MasterCard has announced a series of new partnerships at Day Three of Mobile World Congress in Barcelona, Spain, as the network continues to focus on global expansion, prepaid payments alternatives and mobile commerce.
In the prepaid space, MasterCard announced a new agreement with Beam: a mobile and electronic wallet that will serve as a “a first-of-its kind, low-cost, MasterCard mobile companion pre-paid card,” and will help facilitate payments for 14 million mWallet customers.
“There’s an increasing need for electronic payments in markets such as India, where more than 40% of the adult population do not have access to banking services,” said Philip Yen, Group Head, Emerging Payments, Asia/Pacific, Middle East & Africa, MasterCard Worldwide. “The launch of this revolutionary product will not only help bring more Indians into the financial system, but also benefit merchants especially those who currently do not have point-of-sale acceptance, which is roughly around 6 million merchants in India.”
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