Digital Payment Accelerated as Mastercard Acquires Oltio

The acquisition of Oltio, the mobile tech company, by Mastercard has been completed. The procurement is deemed at driving innovations and enhancing cash displacement in new markets.

Mastercard has had a long-standing relationship with Oltio. Oltio is a startup that championed and patented a significant number of mobile payments and banking solutions together with the authentication technology.

Its primary focus is on the identification, the development and when needed the operating mobile-centric financial payments and the security products and services associated with it. It has a rich history and has always remained at the top of the competition. The move by Mastercard to acquire the company is, therefore, a solid statement in the banking and mobile financing sector.

Oltio’s technology is currently being used by many consumers in South Africa during the Masterpass digital payments authentication. It works seamlessly with a bank PIN and a mobile phone.

Mastercard is looking to utilize Oltio’s technology, the customers as well as the infrastructure to banking on the provision of digital solutions particularly for retailers and issuers in the cash market. This will enable Mastercard to better the customer experience.

According to the division president for Mastercard, South Africa, Mark Elliot, lots of consumers and merchants in MEA region face challenges regarding the cash economy, which at times isn’t convenient for them. “Through the combination of Mastercard and Oltio technology, this gap will be bridged and convenience will be at the people’s hands. More people and businesses will realize better benefits,” he added.

The new technology will enable consumers to enjoy novelty in terms of digital payments functionality. Changes include individual, that is, person to person payments, airtime top-ups, bill payments not to mention how easy they will integrate it into the existing bank accounts.

The merchant’s card will incorporate an enhanced and scaled omni-channel services. This is highly practical as even the small business will be able to accept digital payments by using the QR codes.

“With our great relationship with Mastercard over the years, we believe that Oltio will thrive as part of an issuer-independent payments company with Mastercard’s vast global resources and innovative technology,” says Andrew Wilmot, executive, Group Card and Emerging Payments for Standard Bank