Of Special Interest
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."