Mastercard has collaborated with Smile ID, an African digital know-your-customer provider, to streamline the merchant onboarding process for businesses in Africa.
The partnership will see Mastercard provide Smile ID with its Merchant Digital Onboarding Programme (MDOP).
This offers third-party providers a secure and automated experience for acquiring partners, such as banks, mobile network operators, and payment facilitators.
Digging Deeper
The integration of Smile ID’s technology into the MDOP enables acquiring partners to digitally onboard merchants quickly and efficiently, streamlining verification and enhancing the customer experience.
According to Mastercard, the process will allow acquiring partners to digitally onboard merchants in over 50 African countries in a few minutes.
What They’re Saying
“Traditional onboarding methods are often plagued with inefficiencies, high costs, and vulnerabilities to fraud,” says Sekai Ndemanga, senior VP, head of emerging markets, global acceptance team at Mastercard.
“Our collaboration with Smile ID marks a significant advancement in the merchant onboarding process, setting a new standard for speed, security, and user experience.”
“Our combined offering allows acquiring banks and payment facilitators to offer customers locally-optimised signup services, while maintaining speeds of global standard and security,” comments Mark Straub, CEO of Smile ID.
The Big Picture
A Mastercard report states it takes between three and four days for a traditional acquirer to onboard a merchant, on average. Consequently, banks are streamlining these processes by automating public data aggregation, leveraging existing customer data, and eliminating duplicate data elements.
Source: ITWeb
Catch up on news and other tidbits on our WhatsApp Community Page, Twitter/X, and subscribe to our weekly newsletter to ensure you don’t miss out on any news.
