Mastercard has formed a global partnership with Samsung that will make the Pay on Demand platform more readily accessible to consumers and small businesses in emerging markets. The Pay on Demand platform allows consumers to gain access to devices on a pay-as-you-go basis, and is part of a broader effort to raise digital inclusion around the world.
“The Pay on Demand platform gives consumers an opportunity to participate in digital commerce,” said Mastercard Digital Solutions EVP Jorn Lambert. “By combining Samsung’s device management and security expertise with Mastercard’s technology, we are creating an ecosystem that can deliver measurable, positive impact to the communities we serve.”
To that end, the Pay on Demand program connects financial institutions with telecoms and equipment manufacturers to foster a more accessible digital environment. For example, lenders ensure that consumers have enough financing to gain access to digital devices at an affordable rate, while the platform itself offers analytic tools to help consumers build their credit history. Those consumers can also gain access to virtual card numbers to pay for devices or make purchases at any facility that accepts Mastercard payments.
Samsung, meanwhile, will safeguard any financial transactions with its embedded Knox security platform. The Samsung Knox team will launch the Pay on Demand platform in the Middle East and Africa in early 2020, before expanding to other regions later in the year.
“This partnership is our way of making that future available to everyone by helping to close the digital divide, especially in emerging economies and countries,” said Samsung Global Mobile B2B EVP KC Choi.
The Pay on Demand platform was developed at Mastercard Labs, while Mastercard itself recently made a strategic investment in Trust Stamp. Meanwhile, Samsung has been using the Knox platform to secure its various mobile offerings, including the new Galaxy XCover Pro and Galaxy S10 Lite smartphones.
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