Emerging Markets Payments, the leading payments processessing company in Africa and the Middle East, is pleased to announce the launch of EMPay, its latest virtual card for the market.
For banks, there are multiple advantages. It can be issued through a multitude of channels such as mobile banking, ATM, POS, Internet and Call Centers in addition to branches. From a compliance standpoint, no or little know-your-customer compliance may be required and no face-to-face contact is needed; the solution can be delivered remotely at any time, reducing banks’ operating costs. Similarly, as no plastic is required, costs are reduced.
EMPay is also compatible with all payment schemes including Visa and MasterCard.
Commenting on the launch Murat Ozulku, CEO of EMP Africa, said: “I am delighted to be launching EMPay today. The use of cards for e-commerce in MEA is far behind the levels seen in other emerging markets and EMP is committed to increasing and improving the different payment solutions available in the region.
“There are currently 136 million adults in the Middle East and 326 million adults in Sub-Saharan African that are defined as unbanked. EMPay is a fast, secure and cost effective prepaid product that allows banks to not only help their own customers, but also the unbanked across the region.”