Through an extended partnership with Mastercard and Nedbank, Ukheshe Technologies the payments platform specialist, has launched its Third-Party Processing Services (TPP) in South Africa. This latest announcement by the fintech specialist gives everyday businesses access to prepaid and virtual cards, which were typically only available to large enterprises.
Clayton Hayward, CEO, Ukheshe says that through Ukheshe’s innovative payment solutions, businesses in South Africa can now issue virtual prepaid cards to employees or customers. Providing recipients with improved financial freedom where they have the option to earn rewards, incentives and have a secure card that can work anywhere in South Africa, while building brand association.
Ukheshe will leverage Mastercard Processing, which enables it to launch secure prepaid payments programmes to its customers with greater speed, flexibility and convenience. Through this new relationship, prepaid products will be processed through Mastercard’s platform which represents the latest in state-of-the-art processing solutions, with safety and security as top priorities. The platform helps businesses quickly expand their payments portfolios across business channels efficiently and with minimal infrastructure investment. The platform offers customers a complete range of processing services.
He says that digital payments are both safe and efficient, and that partnerships such as this are a means to enable businesses to further empower employees, improve accountability, have improved oversight and accountability of the businesses’ money, and provide innovative consumer incentive reward programs.
According to Suzanne Morel, Country Manager, Mastercard, this partnership forms part of Mastercard’s broader commitment to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025.
Nedbank says that the partnership is another step forward in this commitment to value-adding, and highly inclusive banking as a service, and represents its determination to use cutting-edge technology to provide exceptional customer experiences.
The use of digital payment solutions is becoming more widespread, as more emerging economies, including South Africa, adopt a post-cash mindset, curbing the high indirect costs and unnecessary risks, and harness the power of digital and mobile payment technologies to drive economic growth and financial inclusion.