Mastercard and Selcom have expanded their collaboration to allow consumers gain access to a wide variety of payment solutions that will be accessible on mobile money platforms or via their bank.
Targeting the country’s over 40 million mobile phone subscribers, Sameer Hirji, Executive Director of Selcom said customers of over twenty banks and mobile network providers in Tanzania will have access to a number of other solutions including: virtual cards for safe online purchases and Mastercard debit and prepaid cards.
“We are committed to supporting local business growth by delivering meaningful connections, relevant technology and by driving economic efficiencies. It is for this reason, that our partnership with Mastercard is so vital to the growth of Tanzania. Our collaboration is helping us achieve our goals of connecting and digitizing the payments ecosystem in Tanzania,” said Hirji.
Mastercard and Selcom’s initial partnership announced in March to help drive the goal of creating a cashless Tanzania. The two firms have now signed a seven year strategic partnership agreement to support Tanzania’s goal of becoming a cashless economy. Masterpass QR is currently being implemented across various retailers and merchants.
“With the wider variety of payment options at consumers’ fingertips, it is equally important to ensure that they are able to use these solutions wherever they may be paying for goods or services,” said Raghav Prasad, Division President, Sub-Saharan Africa, Mastercard. The partnership will result in Selcom’s 17,000 point-of-sale (POS) terminals and extensive ATM network being able to accept local and international Mastercard card payments and cash withdrawals.
“In order for us to narrow the gap and ensure Tanzanians have access to relevant financial tools, our approach with Selcom is to build a stronger payment ecosystem. Our partnership will strengthen key areas of the economy, thus better equipping businesses and consumers to replace cash with secure and convenient payment options, whether they be on mobile or card solutions – it is not a one size fits all approach,” said Prasad.
Given the country’s high rate of mobile money account usage, Selcom will introduce a Mastercard card linked to a mobile wallet, which gives the user the ability to withdraw cash or pay in-store or online. Additionally, in an effort to support online payments, merchants will gain access to the Mastercard Payments Gateway Services platform, which helps e-retailers to accept payments for web purchase both from local and international users – further expanding the options for consumers on how they wish to make purchases.