By Frank Phiri, contributor:
Mobile money service provider TNM Mpamba has entered into a partnership with Mastercard in a mover that will see customers of the latter using a card, merged with their mobile money account, to make payments and withdraws.
Dubbed Khadi Mbambande, the innovation is a wallet that will evolve and work like an ATM card to enable payments both locally and internationally.
TNM Mpamba General Manager Christopher Sukasuka said the partnership would provide customers with access to financial services and tools that simplify lives.
“Khadi Mbambande is a debit card that can be used for all types of e-commerce payments. When you combine the wide agent network of TNM Mpamba with the robust network of Mastercard within Malawi and globally, with this new innovation, our customers will enjoy unrivalled access to financial services,” Sukasuka said.
He added that the company will start issuing physical plastic debit cards in September.
Sukasuka said customers would be asked to pay a registration fee of K500.
“The card enables various electronic transactions, including on-demand digital media streaming subscriptions such as Netflix, advertising on Facebook, online shopping on Amazon, as well as travel and bill payments.
“In the meantime, to pay for purchases using the virtual payment solution, Mpamba customers will receive a 16-digit card number, security code and expiry date, which they will use to complete an online purchase much like they would with a physical card,” he said.
Mastercard Executive Vice President Market Development Amnah Ajmal said the partnership advances their agenda to unlock the true potential of inclusive growth across the continent.
“At Mastercard, innovation strategy is based on partnerships and collaboration. Being able to connect more Malawians to more choice in digital financial services, ultimately means a digital economy that works for more people.
“We are pleased to advance our digital partnerships strategy in MEA with TNM Mpamba as we continue the road to digital transformation and shared prosperity for all,” Ajmal said.