OPay, a fintech leader, and Mastercard recently announced a strategic alliance that will bring digital commerce to millions of people across the Middle East and Africa, paving the way for greater financial inclusion and economic development.
Thanks to a Mastercard virtual payment solution linked to the OPay eWallet, OPay users and merchants throughout the area – including Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa, and the UAE – may engage with brands and businesses anywhere in the world.
This collaboration is the latest step in Mastercard’s emerging market strategy, which involves the technology company collaborating with fast-growing Fintechs like OPay to expand access to digital payments, enable a variety of lifestyle services, create new financial inclusion pathways, and support the next generation of super-apps. Consumers are increasingly asking for a single platform that allows them to do numerous daily tasks more easily, such as sending and receiving money, ordering meals and groceries, scheduling transportation, lending, investing, and putting products for sale.
Customers using the Mastercard virtual payment solution linked to their OPay wallets will be able to shop at well-known global businesses for leisure, travel, lodging, entertainment, streaming services, and more during the initial phase of this cooperation.
Amnah Ajmal, Mastercard EEMEA’s Executive Vice President of Market Development, stated that their innovation strategy at Mastercard is based on partnerships to achieve scaled inclusion. Their collaboration with OPay reflects their commitment to assisting payment providers worldwide in building a global payments ecosystem that benefits a diverse range of consumers with different demands.
As the leading fintech in the Middle East and Africa, they are happy to work with Mastercard as they continue on their journey to promote financial inclusion, assisting to open up the global economy to more individuals and businesses across the Middle East and Africa, remarked Yahui Zhou, CEO of OPay.
OPay’s active customers have risen to 15 million in the dozens of locations where it operates since it began operations in 2018. On a daily basis, the company executes millions of transactions. Users in Nigeria, where OPay has a large market share, have saved billions of dollars in the previous four years through credit-linked savings accounts from their mobile wallets and small loans from OPay-partnered lenders.
In the next three to five years, plans are in place to offer OPay services in other markets, accelerating the expansion of digital inclusion and digital commerce while also expanding OPay client involvement in the global economy.
About OPay
OPay is a fintech business that specializes in mobile payments. OPay has grown rapidly in the last three years, becoming one of the leading fintech businesses in Africa and the Middle East, with a considerable market share in key areas such as Nigeria, Egypt, and Pakistan. Offline payment, online payment, digital wallet service with AI, and other fintech innovations are some of the services that OPay provides to diverse clients to suit their demands.
For more information, visit https://www.opayweb.com/
About Mastercard
Mastercard is a payments technology firm with a global presence. Its purpose is to connect and fuel a global digital economy that benefits everyone by making transactions safe, simple, smart, and accessible. Their innovations and solutions enable individuals, financial institutions, governments, and organizations to realize their full potential by leveraging secure data and networks, relationships, and enthusiasm.
For more information, visit https://www.mastercard.co.in/
