Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
18th October 2011
StanChart - MasterCard - Airtel Africa virtual card
Standard Chartered, MasterCard and Airtel Africa have joined together to offer a virtual debit card. The Mobile Money customer (a JV between Airtel and StanChart) can order a single use card number to make a payment using the funds in their Airtel account. The number must be used within 24 hours of issue. The service is currently only available in Kenya with plans to expand it to other African countries.
Mobile Money is the joint service between Airtel Africa and Standard Chartered Bank in Kenya allowing bank customers to deposit, transfer and withdraw money using their handset. It is used by over 20m people.
StanChart's global head, retail banking products & consumer finance, Janardhan Cadambi, says: "Most of the countries where we operate are emerging markets and largely cash economies and an increasing proportion of that cash is likely to become digitised, in the form of virtual cash on mobile phones.
He adds: "Working with market leaders like MasterCard and Airtel Africa, we aim to provide state-of-the-art banking services that meet the changing needs of customers and enable access to finance for millions of people not just in Kenya but in all our markets."