Mastercard, a technology company in the global payments industry based in New York, announced the acquisition of South Africa’s Oltio, a mobile-centric payments and financial services company, from the Standard Bank Group.

Through Oltio’s technology, consumers are able to authenticate Masterpass digital wallet purchases in South Africa using their bank PIN and mobile phone.

Over the coming months, Mastercard will leverage Oltio’s technology, people and infrastructure to enhance and scale its existing suite of digital solutions for merchants and issuers in cash-orientated, emerging markets  – in turn, enabling them to deliver more seamless payment experiences to the consumer.

Mark Elliott, division president for Mastercard, Southern Africa, stated: “Too many consumers and merchants in the MEA region are stuck in a cash economy that doesn’t work for them. By combining our joint expertise, technologies and reach, we can bridge the divide between the region’s cash economies and the digital future, bringing the benefits of digital payments to more people and businesses.”

Through the acquisition, issuers will be able to benefit from added functionality including person-to-person payments, bill payments, and airtime top-ups, which they can integrate into their existing mobile banking applications.

For merchants, Mastercard will enhance and scale its omni-channel acceptance solutions, enabling even the smallest businesses to accept digital payments using efficient and affordable technology, such as Quick Response (QR) codes.

“We have had a great relationship with Mastercard over the years, and believe that Oltio will thrive as part of an issuer-independent payments company with Mastercard’s vast global resources and innovative technology,” said Andrew Wilmot, Executive, Group Card and Emerging Payments for Standard Bank.

This article was originally published on https://www.trillions.biz