ChitChat, Mastercard Launch Debit Card for Cross-Border Payments
TLDR
- ChitChat partners with Mastercard for virtual debit cards, enabling cross-border payments and in-app transactions.
- Users can store funds in multiple currencies to protect against local currency fluctuations.
- ChitChat app facilitates subscriptions payment, online shopping, and money transfers within and outside Africa.
ChitChat, a Zambian social commerce platform, has partnered with Mastercard to launch virtual debit cards for cross-border payments. This follows ChitChat’s March 2024 debut by Union54, after the latter paused its services due to a $1.2 billion fraud attempt.
The virtual card allows users to bypass bank visits, paperwork, and fees with instant in-app transactions. Funds can be stored in multiple currencies, providing a buffer against local currency fluctuations.
ChitChat users can now pay for subscriptions, shop online, and transfer money across Africa through the app. Countries serviced include Zambia, Ghana, Tanzania, and Angola. The platform plans to expand remittances to China, India, and South Africa by year-end.
Key Takeaways
Africa's economic landscape is shifting, with more consumers turning to these digital platforms for quick, efficient, and accessible cross-border payments. The E-commerce sector is projected to hit $75 billion by 2025, with social commerce playing a key role. Platforms like ChitChat, along with Kenya's Chpter and Sukhiba Connect, are leveraging the boom. ChitChat’s partnership with Mastercard reflects the rising demand for seamless digital payment solutions. Meanwhile, Union54’s earlier halt due to chargeback fraud reshaped its business model, leading to ChitChat’s debut. The platform’s growing footprint in Africa and plans to expand remittances aim to boost financial inclusion across the continent. Social commerce offers a direct link between conversations and commerce, simplifying transactions while broadening access to global markets.
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