Telecoms software vendor eServGlobal, which specializes in mobile money, is to join the MasterCard Mobile Money Partnership Program (MMPP).

The program, launched in February 2012 and is designed to help more than 2.5bn financially-underserved consumers around the world use their mobile phones to access mainstream financial services.

eServGlobal offers a suite of end-to-end mobile financial services to operators and financial service providers worldwide. In addition to core mobile money services such as P2P transfers, airtime top-up and bill payment, eServGlobal’s portfolio encompasses services ranging from mobile international remittance to micro-insurance, micro-savings and micro-loans. The MasterCard Mobile Money Partnership program complements eServGlobal’s open-loop mobile money solutions which link mobile wallets to the MasterCard network via companion cards. eServGlobal has more than 95 mobile and financial services customers in over 65 countries.
While only about half of the world’s households have bank accounts – and an even lower proportion in developing countries – seven out of 10 people worldwide have a mobile phone. Mastercard notes that mobile technology is a key driver in realizing a world beyond cash, providing access to the economic mainstream, delivering the benefits of safety and security that are part of electronic payments, creating profoundly new shopping experiences and enabling millions of consumers to lead a more connected life.

The Mobile Money Partnership Program offers consumers a range of MasterCard services, including prepaid companion cards that can be used at merchants that accept MasterCard cards; virtual card accounts for consumers to make eCommerce payments with their mobile money account; person-to-person payments between subscribers of two different mobile money services; and face-to-face or remote payments using mobile phones for goods and services at merchants that do not have traditional POS acceptance.

“Mobile has the unique potential to provide financial inclusion in emerging markets like Latin America, the Middle East and Africa,” said Mung Ki Woo, group executive, Mobile at MasterCard Worldwide. In fact, 16 per cent of adults in sub-Saharan Africa report having used a mobile phone in the past 12 months to pay bills or send or receive money. The addition of eServGlobal into the Mobile Money Partnership Program increases our collective reach and influence in emerging markets where better access to electronic payments is vital. Each of the partners brings their own unique contribution to the program, and we look forward to working with them to address one of the defining challenges of our time.”