Mastercard has partnered with solar energy firm Angaza in a move expected to fuel growth for Mastercard’s QR payments technology across Africa, Latin America and other emerging markets.
Mastercard will see Angaza customers use digital payment solution for solar home systems and water pumps powered by Angaza’s pay-as-you-go (PAYG) embedded metering and monitoring technology.
Mastercard’s cutting-edge digital payment solutions and infrastructure including QR technology will not only unlock access to the basic necessities, but will also help people without access to credit or traditional banking services start on a path to financial inclusion.
The partnership follows the successful launch of Mastercard’s first PAYG application programming interface in Uganda last year, which combines low cost QR technology – an open and interoperable technology, with the internet of things to lead more secure and efficient payments.
Currently, most payments on the Angaza platform are conducted via cash or mobile money. With the integration of Mastercard’s API, the solution will provide new levels of payment flexibility and affordability impacting the lives of millions of consumers across emerging markets.
Additionally, this partnership could open up fresh access to other financial services and tools. By keeping accurate records of payments that a user is making, the user is able to establish a verifiable digital identity and trackable credit history which was previously impossible to create or maintain. This data gives companies and financial service providers the ability to put underserved populations on a new path to financial inclusion.
“We are delighted to be partnering with Angaza to bring access and inclusion to people and businesses around the world. This partnership will help consumers to overcome hurdles such as the significant cash outlay required to purchase critical items by leveraging micropayments, which in turn also helps to build their credit history. All of this is being made available via the internet of things, which is a great democratizer and is playing a critical role providing safe, secure and accessible digital ecosystems”, says Jorn Lambert, Executive Vice President, Digital Solutions at Mastercard.
“This is a pivotal collaboration for the last-mile distribution industry, bridging Angaza’s global pay-as-you-go solution with a leading digital payment provider,” said Angaza CEO Lesley Marincola. “The addition of Mastercard’s QR technology to Angaza’s platform will allow solar distributors and their clients to process payments for life-changing products securely and efficiently, while opening doors to broader financial inclusion.”
