MasterCard announced the official opening of a local representative office in Dhaka, Bangladesh. The first in the industry to inaugurate an office in Bangladesh, MasterCard marked the occasion with an opening ceremony, which was graced by Guest of Honour Atiur Rahman, Governor of Bangladesh Bank as well as Nurul Amin, Chairman of Association of Bankers, Bangladesh (ABB). Also present at the ceremony were Ron Garrow, chief human resources officer, MasterCard; Ari Sarker, division president, South Asia, MasterCard; Vikas Varma, area head, South Asia, MasterCard; and Syed Mohammad Kamal, country manager, MasterCard Bangladesh; among other MasterCard executives, members of the media, as well as local and international banks and financial institutions. This is based on the growth potential of the market driven by the growing middle class and e-commerce. Situated in the heart of Gulshan, Dhaka, the Bangladesh office will be headed by Syed Mohammad Kamal, country manager, MasterCard Bangladesh.
Oberthur Technologies, one of the world’s largest providers of security and identification solutions and services based on smart card technologies, announced that MoreMagic, an Oberthur Technologies company, has joined the MasterCard Mobile Money Partnership Program (MMPP), a program designed to help more than 2.5 billion financially-underserved consumers around the world use their mobile phones to access mainstream financial services. Through its MoreMagic Mobile Money offer, Oberthur Technologies enables a full suite of banking, payment and commerce services in areas where there is a lack of banking infrastructure. Relying on the industry’s most comprehensive suite of applications, the solution connects a global mobile financial ecosystem that links mobile operators, financial services organizations, retail distributors, NGOs and other businesses.
MasterCard announced the appointment of Syed Mohammad Kamal as country manager for Bangladesh and Mohammad Anwar Hossain as director, business development to reaffirm its commitment to South Asia. The decision to build a stronger presence locally has come about in part to the rapid development and industrialization the country has been seeing over the last few years and the promise of further growth which could be achieved through a more robust electronic banking and payments system. Kamal will be based in Dhaka and report to Vikas Varma, area head, South Asia, MasterCard Worldwide. He will be tasked with executing MasterCard’s strategy in Bangladesh, working closely with partner financial institutions, merchants and regulators.
MasterCard Worldwide, Comviva Technologies and Tutuka forged a strategic collaboration that combines Comviva’s mobiquity mobile payment platform, Tutuka’s prepaid processing platform and MasterCard’s global electronic payments network to further extend financial inclusion to millions of consumers across Africa. This will enable customers to purchase goods and services at millions of physical and online retailers worldwide where MasterCard is accepted, as well as transfer funds and pay bills. The new solution offered by this collaboration will be available to both Comviva’s existing and new mobile money implementations across Africa, with the potential to benefit over 750 million consumers across the continent. Mobile Money addresses the needs of consumers in developing markets through a readily accessible device, the mobile phone while the partnership is a result of a global initiative called the MasterCard Mobile Money Partnership Program launched by the company in February 2012.
MasterCard outlined its vision on how to reach the next billion consumers through mobile innovation and partnerships. MasterCard and mobile partners Comviva, Intel, iZettle, Santander and Turkcell intend to reach the next billion consumers through a mobile channel with collaboration and innovation in a collective effort. This comes on the heels of unveiling of “Wanda” joint venture with Telefónica to provide mobile payment solutions to over 87 million Movistar customers in its Latin American markets.
MasterCard kicked off its “MasterCard Mobile Money Partnership Program” global initiative to help more than 2.5 billion financially-underserved consumers worldwide gain access to formal financial services through their mobile phones. In partnership with Comviva, Sybase 365 and Utiba, this will let consumers purchase goods and services via their mobile phones at millions of brick and mortar and online merchants worldwide, as well as transfer funds and pay bills. This is designed to target the 70% of the global population with a cell phone, only half of which have a bank account. The “MasterCard Mobile Money Partnership Program” offers prepaid companion cards that account holders can use at merchants that accept MasterCard cards; virtual card accounts that can be used for eCommerce payments with a user’s mobile money account; and person-to-person payments between subscribers of two different mobile money services.