TNM Mpamba partners with Mastercard to transform Malawi’s payment landscape
By Pavithra R
Mobile money service provider TNM Mpamba has announced its launch of a Mastercard virtual payment solution that will enable TNM Mpamba mobile money wallet customers to make safe and seamless local and international e-commerce transactions.
The launch announcement is expected to enhance financial inclusion and improve access to the digital economy. Through a Mastercard virtual (non-plastic) payment solution linked to the TNM Mpamba mobile money wallet, customers will now be able to make payments to local and global online brands and merchants, expanding their reach to an international marketplace.
“We are excited to partner with Mastercard to provide more people with access to financial services and tools that will simplify their lives. The new solution functions like 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, you get an unrivalled service network,” said TNM Mpamba General Manager Christopher Sukasuka.
The launch enables e-commerce transactions to be done instantly through mobile wallets for a wide variety of transactions that require card payments including subscription streaming on Netflix, advertising on Facebook, online shopping on Amazon, as well as travel and bill payments. 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 can use to complete an online purchase much like they would with a physical card. The payment solution also features multiple layers of security to ensure that the customer’s financial data is always secure and private.
“At Mastercard, our 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 to unlock the true potential of inclusive growth across the continent,” said Amnah Ajmal, Executive Vice President Market Development, Mastercard, MEA.
To boost financial literacy, TNM Mpamba and Mastercard have also collaborated with the National Bank of Malawi to contextualize and adapt key information for the Malawian market. This will ensure that first-time users of digital payments enjoy a safe and user-friendly payment experience.
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