Ukheshe, Africa’s specialist digital fintech platform provider, has confirmed an agreement to acquire Oltio.
The announcement boosts Ukheshe’s offering after Oltio developed the digital payments platform that supports Masterpass, Mastercard’s QR payment service in South Africa.
The firm also bolsters transaction efficiency, enabling consumers to safely pay for a wide variety of purchases with their bank card by scanning a QR code with their mobile phone.
Clayton Hayward, CEO, Ukheshe emphasised: “Digital-first solutions for consumers remain a key priority. By enabling different customer segments as part of our ongoing partnership with Mastercard, Ukheshe is well placed to continue providing fintechs, telcos and banks with payment solutions, and services that will further deepen financial inclusion in South Africa.”
Ukheshe has an established partnership with Mastercard, as it is a participant in Mastercard’s Accelerate programme – including Start Path and Fintech Express. The programme offers an access point to tap into Mastercard’s technology, data, expertise and global network of corporates and fintechs to help scale its operations globally.
Suzanne Morel, country manager at Mastercard, South Africa added: “Today’s news builds on the momentum of our QR work in South Africa and deepens our collaboration with fintechs.
“We look forward to combining our global network with Ukheshe’s local understanding of consumer and SME pain points to provide consumers and businesses with safe and seamless payment experiences.”
The use of QR codes in South Africa complements the extensive investment in contactless payments to provide merchants of all sizes – from large retailers chains to individual shop owners and street vendors – a fast, secure and inexpensive way to accept payments. Currently, more than 300,000 merchants and billers accept Masterpass.