OPay, a payments and digital lending company, has announced a new agreement with Mastercard in which it will offer Mastercard’s virtual payment solution.
The partnership will allow OPay clients to pay on worldwide web platforms using Mastercard’s secure virtual payment system linked to the OPay wallet.
OPay allows customers and merchants in the region — Algeria, Morocco, Egypt, Nigeria, Ethiopia, Kenya, Pakistan, South Africa, and the UAE – to interact with brands and businesses located anywhere in the world.
The catch is that Mastercard’s virtual payment system will be linked to users’ OPay wallets, allowing for seamless shopping for worldwide brands in leisure, travel, lodging, entertainment, streaming services, and other categories.
Whether a consumer has a bank account or not, the Opay virtual Master card will be available. Simultaneously, the product will enable small business owners to purchase goods and services from vendors in other countries and then pay with the virtual payment solution.
“As the leading FinTech in the Middle East and Africa, we are delighted to be partnering with Mastercard as we continue on our journey to promote financial inclusion, helping to open up the global economy to more consumers and businesses across Middle East and Africa,” Zhou said.
OPay said it has grown active users to 15 million in dozens of markets since its debut four years ago and processes millions of transactions per day on average.
The company has a significant market share in Africa, where it said users have saved billions in USD using its credit-linked savings accounts via mobile wallets and small loans from lenders that use its platform.