Mama Money partners Access, Paymentology on WhatsApp-powered bank card
TLDR
- Mama Money partners with Access Bank and Paymentology for new WhatsApp-powered bank card service, facilitating international transfers, bill payments, and account management.
- Users in South Africa and other countries like Zimbabwe, Malawi, Ghana, Nigeria, and India can access financial services, including sending money globally to over 70 countries.
- Integration with WhatsApp offers data-friendly access to features like balance checking, statement downloads, and airtime purchases.
South Africa-based cross-border money transfer startup Mama Money has partnered with Access Bank and Paymentology to launch a new WhatsApp-powered bank card service.
The Mama Money Card, integrated with WhatsApp, enables users to transfer payments internationally, buy electricity and airtime, download bank statements, check their balance, and manage their accounts using the data-friendly messaging platform.
This service allows Mama Money’s customers in South Africa, primarily from countries such as Zimbabwe, Malawi, Ghana, Nigeria, and India, to easily obtain a bank card that provides access to essential financial services and the ability to send money to over 70 countries worldwide.
Key Takeaways
Innovations, entrepreneurs, and capital are reshaping Africa’s fast-growing electronic payments landscape with new solutions for consumers and businesses. Although cash remains predominant, a McKinsey survey indicates that e-payments will likely gain significant traction in the coming years. Both banks and nonbank players are innovating to reduce friction in domestic and cross-border payments, offering much-needed solutions. Africa’s domestic e-payments market is expected to see revenues grow by approximately 20 percent per year, reaching around $40 billion by 2025, compared with about $200 billion in Latin America. In contrast, global payments revenue is projected to grow at 7 percent annually over the same period. This rapid growth highlights the dynamic shift towards electronic payments across the continent.
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