PayMaya and Mastercard Sign Strategic Alliance to Enhance Mobile Payment Offerings
Apr 21, 2017 9:00:00 AM
Partnership to Extend Platform Service to the Global Market
MANILA, Philippines, November 29, 2016 — PayMaya Philippines (formerly Smart eMoney, Inc.), the country’s pioneer fintech services provider, and its long-standing partner, leading global payments company Mastercard, have renewed agreement to continue the use of PayMaya mobile payment gateway solutions by Mastercard in the global market.
For over three years, Mastercard has utilized PayMaya’s platform and services to enable its mobile payment programs in Brazil and Egypt. PayMaya powers the backend and capabilities of these solutions like peer-to-peer mobile money transfers, bills payments, person-to-merchant payments, airtime load purchase, and virtual prepaid card number issuance, among others.
One PayMaya-enabled Mastercard innovation is Zuum, a reloadable prepaid wallet managed via an app that allows users to make and receive mobile payments. Launched in 2013, this mobile wallet also allows ATM withdrawals through a companion card, bills payments, and mobile money transfers. Like PayMaya, Zuum wallet users can request a physical card to use at brick-and-mortar store transactions.
PayMaya technology has also enabled Mastercard to launch Egypt’s Mobile Payment Gateway which paved the way for mobile payment services Vodafone Cash and Flous. Both solutions allow customers to transfer money to other mobile wallets, transact online and at physical stores, pay bills, load up mobile phones, and deposit and withdraw cash from ATMs.
PayMaya-Mastercard mobile payment solutions are a catalyst for financial inclusion in Egypt and Brazil, where more than 80% of their respective populations lack access to bank services.
“Mastercard is one of our important partners for driving financial inclusion. The global company’s wide acceptance network is key in powering our flagship innovations such as Smart Money, the world’s first reloadable electronic payment card linked to a mobile phone. We are confident the renewed commitment to this alliance will bring more life-changing innovations for consumers, businesses and communities here and abroad,” said Orlando Vea, President and CEO of PayMaya Philippines and Voyager Innovations.