Ukheshe partners Mastercard, Nedbank to launch Third-Party Processing Services in South Africa.
Ukheshe Technologies, payment service platform, has partnered with Mastercard and Nedbank to launch Third-Party Processing Services (TPP) in South Africa.
TPP will provide everyday businesses access to prepaid and virtual cards which are usually available to large enterprises.
CEO of Ukheshe, Clayton Hayward stated that through Ukheshe’s innovative payment solutions, businesses in South Africa can now issue virtual prepaid cards to employees or customers as well as giving recipients an option to earn rewards, incentives, and have a secure card that can work anywhere in South Africa.
Ukheshe will utilize Mastercard Processing, which will offer secure prepaid payments programs to its customers with a higher speed, flexibility and convenience.
“From providing a path to financial inclusion to the underserved to acting as a safer, more convenient payment option while traveling, or enabling people to shop online, prepaid payments have a broad appeal and room for growth in South Africa. For businesses, this offers a more secure and trackable way to pay for things. It will also help to eliminate fraud while also making arduous administration tasks much easier to manage and reconcile,” Hayward further stated.
The Third Party Processing Services comes at a time where digital payments services are needed to stop the spread of Coronavirus through the exchange of money.
“The COVID-19 pandemic has certainly fast-tracked the uptake of digital payment methods and normalized its usage by necessity. These cards are another significant step forward in overcoming the obstacles that many of South Africa’s unbanked face,” Hayward added.
Country Manager of Mastercard, Suzanne Morel said, “Across South Africa, our strategy remains focused on enabling digital transformation for our partners so that their customers enjoy seamless access to payments and a superior experience. We are very excited to partner with Ukheshe and Nedbank to lead the transition to digital, enabling even more people to make safe and convenient online and in-person payments.”
The platform is expected to help businesses quickly expand their payments portfolios across business channels efficiently with minimal infrastructure investment.