Jazzcash, a unit of Netherlands-based Veon, recently partnered with Mastercard, a US-based payments company, to broaden the offerings of the mobile wallet service it operates in Pakistan. Jazzcash, which was founded in 2012, enables its users to send and receive money via mobile phones. Under the new partnership, Jazzcash customers will be able to use their accounts to make digital payments for purchases at retailers that partner with Mastercard and obtain plastic debit cards they can use to access money in their Jazzcash accounts. The service also allows participating retailers “to accept digital payments and digitise their supply chains.”
Veon co-CEO Sergi Herrero said, “The COVID-19 pandemic is highlighting the need for digital payments, more than ever before. This partnership with Mastercard will allow our more than 7 million customers and merchants to carry out their essential transactions in a safe and efficient way.”.
Veon serves 212 million customers in Asia, Africa and Europe. For the 2019 fiscal year, it reported a total of USD 16 billion in assets.
Headquartered in the US state of New York, Mastercard is a payments and technology company connecting consumers, financial institutions, merchants and governments in approximately 210 countries and territories. For the 2019 fiscal year, it reports adjusted net income of USD 8.1 billion.
By Simrun Kothari, Research Associate
Sources and Additional Resources
Veon press release
https://www.veon.com/media/media-releases/2020/veon-s-jazzcash-strengthens-pakistan-s-payments-ecosystem-with-mastercard-partnership/
Mastercard press release
https://newsroom.mastercard.com/mea/press-releases/veons-jazzcash-strengthens-pakistans-payments-ecosystem-with-mastercard-partnership
Jazzcash homepage
https://www.jazzcash.com.pk/
Mastercard homepage
https://www.mastercard.u
Veon homepage
https://www.veon.com/
Mastercard 2019 annual report
https://s2.q4cdn.com/242125233/files/doc_financials/annual/2019/2019-Annual-Report-on-Form-10-K.PDF
Veon 2019 annual report
https://www.veon.com/investors/reports-results/reports-results/?category=annual-reports-20f
Previous MicroCapital news on Mastercard
https://www.microcapital.org/microcapital-brief-mastercard-unilever-launch-partnership-facilitate-growth-micro-small-medium-sized-enterprises-msmes-pilot-project-kenya/
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at: https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: Mastercard, Vodafone Fiji Partner to Provide Debit Cards to Mobile Money Users
- MICROCAPITAL BRIEF: Lipa Later Acquires Fellow E-commerce, DFS, Merchant Services Platform Sky.Garden of Kenya for $1.6m
- MICROCAPITAL BRIEF: Network International Unveils “Networkpay” Tools for SMEs in Egypt to Accept Digital Payments
- MICROFINANCE PAPER WRAP-UP: “Driving Digital Financial Services in Africa Through Merchant Acceptance of Digital Payments,” published by Alliance for Financial Inclusion (AFI)
- MICROCAPITAL BRIEF: Money Fellows of Egypt Borrowing $2.2m from Symbiotics to Support Digital ROSCAs
