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Paymentology the leading next-gen global issuer-processor, today announces its partnership with Mama Money , one of Africa’s leading cross-border money transfer operators, and Access Bank , to launch new WhatsApp-powered bankcard that stands out for its innovative use of WhatsApp banking.
The country is focusing on fintech solutions like mobile payments and cross-border systems to boost financialinclusion and economic growth. Laos, a landlocked country bordered by Myanmar and China to the north, Thailand to the west, Vietnam to the east, and Cambodia to the south, has a rich but challenging history.
Paymentology , the global issuer-processor has partnered with Mama Money , the African cross-border money transfer operators, and Access Bank , to launch a new bankcard service that will utilise WhatsApp banking.
Demand from consumers for financial services is already significant and continuing to grow, with point-of-sale (POS) digital payment volumes tripling to over $22 billion in the three years ending in 2023, with the number of POS terminals and bankcards in circulation doubling over the same time period.
The orchestrator solves numerous issues related to digital banking, such as costs, market scalability and migrations problems. It minimises costs on core banking, card issuing, payments acquiring (online and offline), cross-border remittances, bill payments and services top ups.
If this happens, [India’s] financialinclusion program would be severely impacted, as millions of beneficiaries under the government’s Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, who withdraw subsidies in the form of cash through ATMs, may find their neighborhood ATM shut,” said CATMi, which warned that there will be long lines to get cash out.
Introducing these money transfer services will not only foster financialinclusion but they can have a positive impact on the day-to-day quality of life — eliminating long lines and fostering greater choice in this community,” Schulman wrote. 70 Percent | The Market Share UnionPay Has Of The BankCard Companies In China.
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