TechInAfrica – Ukheshe Technologies has partnered with Mastercard and Nedbank to make prepaid virtual cards available to everyday businesses aside from the usual large enterprises.
“From providing a path to financial inclusion to the underserved to acting as a safer, more convenient payment option while traveling or enabling people to shop online, prepaid payments have a broad appeal and room for growth in South Africa,” CEO of Ukheshe, Clayton Hayward said.
“For businesses, this offers a more secure and trackable way to pay for things. It will also help to eliminate fraud while also making arduous administration tasks much easier to manage and reconcile.”
The cards will work across South Africa and processed through Mastercard’s platform. Mastercard initiative will aim for the digital economy to convert from 1 billion people and 50 million micro and small businesses by 2050.
Divisional Executive of Emerging Payments at Nedbank, Chipo Mushwana said, “Nedbank is committed to harnessing our digital leadership position to deliver significant value to our clients by enabling them to develop good money behaviors and maximize the benefits their finances can unlock in their lives.”
“Across South Africa, our strategy remains focused on enabling Digital Transformation for our partners so that their customers enjoy seamless access to payments and a superior experience,” Suzanne Morel, Country Manager at Mastercard explained.
“We are very excited to partner with Ukheshe and Nedbank to lead the transition to digital, enabling even more people to make safe and convenient online and in-person payments.”