“This partnership with Mastercard is our way of making that future available to everyone by helping to close the digital divide, especially in emerging economies and countries,” explained KC Choi, executive vice president of Global Mobile B2B at Samsung.
The two will use Mastercard’s Pay on Demand platform which offers consumers device financing via a pay-as-you-go model. Built by Mastercard Labs, Pay on Demand brings together banks, equipment manufacturers, and telcos to solve issues limiting device financing in underserved markets. The program consists of four components:
- A lending marketplace that aggregates lenders who offer affordable device financing
- Samsung’s Knox security platform that ensure the safety of consumer data and transactions
- Tools that help consumers analyze and build their credit history from usage data
- Virtual card numbers that can be used for everyday transactions and to make payments on a device
“At Mastercard, we see a connected world where opportunity and prosperity are possible for everyone, everywhere,” said Jorn Lambert, executive vice president of Digital Solutions at Mastercard. “The Pay on Demand platform enables us to deliver on that vision and foster financial inclusion, giving consumers an opportunity to participate in digital commerce. By combining Samsung’s device management and security expertise with Mastercard’s innovative technology, we are creating an ecosystem that can deliver measurable, positive impact to the communities we serve.”
Pay On Demand will be launched in the Middle East and Africa in early 2020 and will extend to other geographical locations later this year.