South Africa: Mastercard Mobile Comes to Country

Mergers, Acquisitions and Financial Results

MasterCard has partnered with local mobile-centric financial services company Oltio to bring MasterCard Mobile to the South African market, expanding the platform for online shopping in the country.

MasterCard Mobile lets MasterCard and Maestro cardholders make online purchases using their mobile phones. Consumers can use the platform to make secure online purchases with their PIN-based debit, cheque or credit cards by linking these to their mobile phones.

"It's a convenient and cost-effective payment mechanism that doesn't require customers to open yet another bank account," Oltio CEO Terry Timson said in a statement last week.

To use the service, cardholders must select the MasterCard Mobile option on participating e-commerce sites. First-time users will be prompted to register their cards and their mobile phone numbers on a secure site.

Thereafter, the cardholder's mobile phone number is used to initiate payments, which the cardholder authorises by entering their PINs into their mobile phones.