From launching Credit cards with inbuilt keypads to attempting to set up biometric authentication via their mobile app to simplifying e-commerce, Mastercard has been the popular alternative to Visa as a payment method. The payment platform recently also announced two strategic partnerships. One is with Dialog. The other is with SLT.
As per the partnership, all involved parties will have access to shared technology platforms and enable open-loop payments. In case you didn’t know, an open loop payment is where a user can pay at a number of different locations from one single digital wallet. In addition, open loop payment platforms don’t need a prepaid amount to exist on the account either.
For starters, Mastercard and Dialog would launch a number of offers to consumers. These include exclusive cardholder promotions as well. This can also drive up the number of Mastercard and Dialog subscribers as well. The payment platform would also tie up with Genie, Dialog’s own payment platform to offer a range of Mastercard services.
For example, Mastercard Integrated would be used to process payments made via Genie. Mastercard would also offer services for small and medium scale merchants, contactless payments and a payment gateway to process mCommerce transactions.
It’s interesting to see a telecom provider getting into the FinTech space. If you recall, back in September 2017, Dialog acquired Colombo Trust Finance PLC, for a total of Rs. 1.072 billion. Following that, in October this year, they launched Dialog Finance. They also signed a partnership with Ali Pay, making make the Alipay mobile wallet service available to eZ Cash merchants.
According to Fariq Cader – Vice President of Digital Services at Dialog Axiata PLC, the partnership between Mastercard and Dialog can be used to drive the adoption of mobile payments in Sri Lanka. With the increase in the number of connected devices and with platforms such as Genie and eZ Cash, Fariq added that “we look forward to creating a secure and convenient way to transact, alongside with easing the interoperability of access for digital services. The partnership will also provide access for the unbanked population using eZ Cash.”
Aiming to hit two birds with one stone, Mastercard has also partnered with SLT as well. This too is to attempt to increase the adoption rate of electronic payments in Sri Lanka. As such, Mastercard holders would receive a cashback reward of LKR 100 per LKR 1000 of a person’s SLT phone bill. Obviously, the payment would have to be made using a Mastercard credit or debit card issued in Sri Lanka.
The payments themselves can be made either at SLT Teleshops or other authorized centers. You can also make the payment online as well. The cashback value will be credited to that particular SLT account in the following month.
P.G. Kumarasinghe Sirisena – Chairman of SLT explained that they are happy to partner with Mastercard on promoting the adoption of electronic payment instruments. He added that apart from the cashback reward itself as an incentive, he believes that such efforts play a small yet significant role in transforming the country’s cash-heavy payments landscape.
Source: https://www.readme.lk/mastercard-dialog-slt-partnership/