Global payments provider Mastercard has signed a memorandum of understanding which aims to contribute to financial inclusion.
The deal has been inked with Angaza, a leader in last-mile distribution technology. The two companies will work together to roll out an efficient digital payment solution to underbanked communities.
The goal will be to increase access to affordable necessities – such as water pumps and solar home systems – in emerging markets by leveraging micropayments.
Angaza has a pay-as-you-go technology solution which currently uses cash or mobile money options. It will work with Mastercard’s digital payment solutions infrastructure, including its API, to offer more flexibility and affordability.
Jorn Lambert, Executive Vice President, Digital Solutions at Mastercard, said: “We are delighted to be partnering with Angaza to bring access and inclusion to people and businesses around the world.”
Lesley Marincola, CEO at Angaza added: “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.”