Cairo, Egypt — Payment industry giant Mastercard and fintech OPay have announced a strategic partnership, which marks a significant boost for wider financial inclusion and economic prosperity by opening up digital commerce to customers in Pakistan.
The collaboration enables OPay Pakistani consumers and merchants to engage with brands and businesses anywhere across the globe, thanks to a Mastercard virtual payment solution linked to the OPay eWallet. The partnership’s effect also reaches other regions namely in the Middle East and South Africa.
This partnership is the latest milestone in Mastercard’s emerging market strategy where the technology company is collaborating with growing fintech such as OPay to expand access to digital payments, enable multiple lifestyle services, and create new pathways to financial inclusion and support the next generation of super-apps.
Consumers are increasingly looking for seamless user experiences on a single platform offering easier interactions to complete various day-to-day needs, including sending and receiving money, ordering food and groceries, organizing transport, lending, investing and listing items they wish to sell.
In the initial phase of this partnership, OPay customers will benefit from the Mastercard virtual payment solution linked to their OPay wallets, to shop at well-known global brands for leisure, travel, accommodation, entertainment, streaming services and more. The service is available regardless of whether or not the customer has a bank account. It also allows small business owners to purchase from suppliers abroad and pay with the secure virtual payment solution.
Amnah Ajmal, executive vice president for market development at Mastercard EEMEA, said, “At Mastercard, our innovation strategy is rooted in partnerships to support inclusion at scale. Our partnership with OPay demonstrates our commitment to supporting payments providers across the world to create an interconnected global payments ecosystem that benefits an array of consumers with unique needs.”
Yahui Zhou, CEO of OPay, commented, “As the leading fintech in the Middle East and Africa, we are delighted to be partnering with Mastercard as we continue on our journey to promote financial inclusion, helping to open up the global economy to more consumers and businesses across the Middle East and Africa.”
Since its operations started in 2018, OPay’s active users have grown to 15 million in dozens of markets in which it operates. The company processes millions of transactions per day on average.
Plans are in place to launch OPay services in other markets in the next three to five years, significantly driving the growth of digital inclusion and digital commerce, while at the same time widening OPay customer inclusion into the global economy.