Virtual Card Product Recognized as Best Mobile Money Product or Solution at Global Mobile Awards 2011 in Barcelona
SINGAPORE - Monday, February 21st 2011 [ME NewsWire]
Mobile Payments Innovations to Promote Financial Inclusion and Sustainability of Mobile Commerce in Africa
Mobile World Congress 2011
(BUSINESS WIRE)-- airtel Africa, Standard Chartered Bank and MasterCard Worldwide were honored for mobile payments innovation at the 16th Annual Global Mobile Awards held during Mobile World Congress (MWC) 2011. The recently launched virtual card product, developed in collaboration between airtel Africa, Standard Chartered and MasterCard, received top honors as the Best Mobile Money Product or Solution.
Honored by a panel of mobile industry experts, the virtual card product was recognized as an innovative mobile payments solution that will offer consumers in Kenya, and eventually across Africa, greater participation in the financial system through mobile commerce. In collaboration between airtel Africa and Standard Chartered, the virtual card product is powered by MasterCard inControl ™ technology and enables more people to connect to the global marketplace through their mobile phones.
Andre Beyers, airtel Africa’s chief marketing officer, and Daniel Monehin, area head, East & West Africa and Indian Ocean Islands, MasterCard Worldwide, received the award on behalf of the three companies at the Global Mobile Awards 2011 ceremony held at the Fira De Barcelona in Montjuïc, Barcelona, Spain.
The virtual card product enables airtel Africa customers in Kenya to use their mobile phone to make online purchases from MasterCard merchants around the world. The simplified online transaction works in the following way: each time an airtel customer is shopping online he or she will be able to request a single use shopping card number. airtel money services will then generate a special 16-digit number that enables the completion of the transaction. On completion of the transaction, a confirmation message will be sent to the consumer’s mobile phone. The single use feature of the virtual card product provides the consumer with a convenient and secure online shopping experience.
“We partnered with Standard Chartered and MasterCard in a joint effort to create affordable and innovative mobile services for consumers across Africa,” said Beyers. “It is a tremendous honor to be recognized by our peers in the mobile industry for the virtual card product, which we hope will set a new industry standard for mobile payments.”
“We are extremely pleased that this concept has been selected for the GSMA 2011 Best Mobile Money Product or Solution Award. This global award is fitting testimony to telecom & banking companies in Africa, who are the ‘agents-of-change’ in the development of mobile finance and commerce,” said Jaydeep Gupta, Standard Chartered Bank’s regional head, Distribution & Alternate Channels for Africa, NGL, MESA & India. “We are proud of our unique partnership with airtel Africa and MasterCard. Together we will continue to deliver innovative payment solutions across our geographies.”
Said MasterCard’s Monehin, “Consumers are increasingly reliant on mobile technology at each step of their lives – from staying connected with their personal networks to making payments on-the-go. We joined hands with airtel Africa and Standard Chartered to create the virtual card product that not only enhances people’s purchasing experiences, but also creates a financially inclusive mobile platform for people in Africa. We believe that innovations like the virtual card product will help ensure the long-term growth and sustainability of mobile commerce in Africa. We are committed to improving industry collaboration and fostering innovation as well as building interoperability across closed loop systems in Africa and abroad.”
About Airtel in Africa
Airtel is the new brand name for the 16 Zain operations across Africa which were acquired by Airtel International in June 2010. Airtel is driven by the vision of providing affordable and innovative mobile services to all. Airtel has African operations in: Burkina Faso, Chad, Democratic Republic of the Congo, Republic of the Congo, Gabon, Ghana, Kenya, Malawi, Madagascar, Niger, Nigeria, Seychelles, Sierra Leone, Tanzania, Uganda and Zambia. Airtel International is a Bharti Airtel company. For more information, please visit www.airtel.com.
About Standard Chartered Bank
Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns more than 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years.
With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 80,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank's heritage and values are expressed in its brand promise, 'Here for good.'
For more information on Standard Chartered, please visit: www.standardchartered.com.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl™. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.
Contacts
MasterCard Worldwide
Georgette Tan, (65) 6390-5971
georgette_tan@mastercard.com
Weber Shandwick
Tim Inthirakoth, (65) 6825-8030
tim.inthirakoth@webershandwick.com
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