Uber and Mastercard boost financial inclusion in MEA
Accelerated by the conditions of the pandemic, consumer preference for contactless payment methods, online shopping, and domestic market resurgence have drawn a line between pre-COVID and post-COVID finance.
The challenges posed by this new paradigm relate to boosting the digitalisation of payments and then making sure everyone has the capability to participate (financial inclusion).
Partnering for a connected world
, which has been a partner of Mastercard for a number of years, will use the FSI’s single infrastructure to accommodate a broad range of payments needs in MEA, including Uber Rides and Uber for Business.
Previously, the two companies partnered to provide 120,000 free rides and meals to in-need communities. They have also provided a similar amount of support to cities, hospitals, and front-line workers.
Abdellatif Waked, Regional General Manager (MEA) at Uber, commented, “This is the largest partnership for us across MEA, and we are proud to be working together to bring key financial solutions to driver-partners across MEA. Drivers’ wellbeing is a top priority and putting opportunities they want within reach is important to us.”
Amnah Ajmal, Executive VP of Market Development (MEA), Mastercard, added, “Mastercard continues to partner with digital players across the value chain to build a more connected world. Enabling secure, immediate movement of money for individuals in the gig economy workers and customers is especially vital as we support economic recovery efforts.
“Through our growing partnership, we are enabling the company’s long-term business growth as a result of improved operational efficiencies, driving greater financial inclusion and innovation across the region, and ultimately boosting the growth of digital economy in MEA.”
Did you know? Amnah Ajmal claimed #16 on our Top 100 Women in Fintech list? Find out about our other winners .
Image source: Uber
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG