World’s First Virtual Card on Mobile Phone

February 2, 2011
By Elias Mhegera
IN the bid to improve services even further, airtel Africa, Standard Chartered Bank and MasterCard have launched the World’s First Virtual Card on Mobile Phone

With this development customers in Africa can now leapfrog conventional payment methods and benefit from greater financial access

This innovation gives global acceptance of airtel's money mobile commerce solution and transforms it from a closed loop to an open system

The event was inaugurated in Nairobi, Kenya yesterday where high profile representatives from airtel Africa, Standard Chartered Bank and MasterCard Worldwide attended.

This single use shopping card will soon be available in Kenya and rolled out to markets across Africa, subject to regulatory approvals.

The mobile technology platform and airtel’s vast consumer penetration combined with the financial structure and regulatory framework provided by Standard Chartered Bank and the global acceptance of MasterCard will ensure that consumers will be able to transact in a reliable, convenient and secure environment.

Speaking on the groundbreaking innovation, Manoj Kohli, airtel CEO (International) and Joint Managing Director, said “Today’s launch of the world’s first virtual number on a mobile card marks a big milestone in mobile commerce.

The airtel 1time Shopping Card is proof that airtel will deliver innovative and relevant mobile solutions that will help consumers overcome the daily challenges in their lives.

The solution will offer consumers a robust e-commerce solution that delivers security, accessibility, acceptance, ability and a global reach. Subsequent phases of the program will allow airtel subscribers to make payment across the MasterCard network.”
“We are delighted with this unique strategic partnership with airtel and MasterCard Worldwide and are confident the airtel 1time Shopping Card will be the first of many such innovative products we will be able to roll out in the future”, said Standard Chartered’s Global Head for Cards and Personal Loans, TS Anil.

“The launch of the airtel 1time Shopping Card should fundamentally change the payments industry not just in Africa, but also across the world.” he added.

The global opportunity for mobile payments is large. The global unbanked population with mobile phones is expected to grow 70 percent over the next year to 1.7 billion people by 2012.

The opportunity for mobile payments is especially significant in Africa, where there are close to 400 million mobile phone users and an unbanked population of 230 million households.

By 2014, Africa is expected to see 56 percent mobile penetration . “As a leading international bank in Africa and Kenya, we are always looking for ways to bring innovative financial solutions to our customers in line with our brand promise ‘Here for good’,” said Kariuki Ngari, GM and Cluster Head – Consumer Banking, Kenya and East Africa, Standard Chartered.

”We have been in Kenya for 100 years and have always been at the forefront of introducing new products and services to the market. The virtual card is a unique way of ensuring that our customers can transact in the digital world for the first time without having to carry a piece of plastic.” He added.

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