MasterCard has announced that they have signed a memorandum of understanding with Angaza where they will roll out a digital payment solution to make it easy for people and businesses across the globe access necessities.
Angaza is a B2B (business to business) company that builds tools for distribution businesses that sell products on credit.
The partnership will combine Angaza’s pay-as-you-go (PAYG) embedded metering and monitoring technology and MasterCards digital payment infrastructure that includes QR technology.
This announcement follows a successive launch of MasterCard’s first PAYG interface in Uganda that combined low cost QR technology that leads to more secure and efficient payments.
The pay-as-you-go technology in question used by Angaza enables people to buy such products like solar home systems, clean cook stoves and water pumps where consumers can pay them at a low cost upfront then pay off the rest over a period of time.
Currently, most payments on Angaza are conducted via mobile money or cash but with the integration with MasterCard’s API, it will provide another payment solution for millions of consumers. By keeping accurate records, they will establish a verifiable digital identity and maintain a credit history which was impossible to create or maintain before.
Over 5 million people have paid for over 1 million products like pumps, cookstoves and solar home systems on Angaza in Africa, South America and Asia. Now with the completion of the pilot at BOP innovation Centre in Nigeria, Angaza and MasterCard will expand this program to other markets in Latin America and Africa.