For the first time, a physical MasterCard companion card is available to people using mobile money services in Africa.
Launched today in Zimbabwe, the EcoCash mobile money companion debit card enables consumers currently reliant on mobile money services in that country to withdraw cash from MasterCard-licensed ATMs, and purchase goods from merchants accepting MasterCard payment cards.
More than three million MasterCard companion cards will be issued to EcoCash mobile money customers in the next five years. This is the largest rollout of secure EMV Chip and PIN payment cards in Zimbabwe to date. These cards will assist to reduce cash dependence and increase financial inclusion through the provision of electronic payments in Zimbabwe.
“The EcoCash companion card is a milestone towards realizing MasterCard’s vision of a cashless society,” says Charlton Goredema, Vice President and Area Business Head, Southern Africa, MasterCard. “Demonstrating the value of close collaboration in the financial services and payments technology industries, EcoCash and MasterCard have devised an innovative payment product that addresses Zimbabwe’s market realities, particularly by acknowledging the impact mobile money has on the country’s economy.”
Read the full press release.