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Mastercard and Paycode partner to improve access to financial services in rural areas

Mastercard paycode

Mastercard has partnered with Africa’s global startup engagement program Start Path and startup Paycode to deliver their offerings into a single biometric smart card aimed at increasing access to critical services while advancing economic inclusion among Africans living in remote communities.

Mastercard’s Community Pass platform will feature in Paycode’s Electronic Data and Payments Technology platform (EDAPT) that provides secure biometric identity including a digital bank account. Individuals will have access to both offline and real-time digital finance services regardless of whether they lack a formal identity document such as a passport or birth certificate.

Both Paycode and Mastercard deliver a smooth path to prosperity that enables users to manage their day-to-day needs particularly paying school fees, getting families vaccinated, selling goods, and growing the business. To enable this, Community Pass allows people a person’s face or palm to get recognized at their respective offline and online locations while maintaining seamless access to health, financial, agricultural, or aid services across different providers.

The partnership aims to onboard 30 million individuals residing remotely across several unconnected areas in Africa within the next three years providing access to products and services through the use of a Community Pass biometric smart card which runs on Paycode’s EDAPT platform.

Ricardo Pareja from Mastercard described the adding of Inclusive ID functionality to Paycode biometric smart cards “helps reach those currently excluded from critical government programs.”

Paycode CEO Ralph Pecker mentioned how they are “proud to partner with global leaders like Mastercard” where they jointly affect positive change for people on the ground while driving innovation in financial service delivery deep into rural areas.

Source: VentureAfrica


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