The Great Onboarding Heist: Mastercard and Smile ID Team up to Steal the Speed and Security Show
A new partnership between Mastercard and Smile ID is bringing the heat to the archaic merchant onboarding process, and it’s clear that no one will escape the revolution. By introducing a streamlined, digital-signup experience, acquiring partners can now digitally onboard merchants in over 50 African countries in a few swift minutes.
Good Riddance to Slow Days
The traditional onboarding process has been a headache for far too long – plagued by inefficiencies, high costs, and vulnerable to fraud. Mastercard’s Merchant Digital Onboarding Programme (MDOP), combined with Smile ID’s suite of solutions, represents a seismic shift towards an era of speed, security, and user-finess.
The Report, the Report, My Final Answer
A recent Mastercard report revealed that a traditional acquirer can average a whopping three to four days to onboard a merchant. But with this newly minted partnership, these slowpokes will become a thing of the past. Acquiring banks and payment facilitators will soon be offering customers locally-optimized signup services that marry global standards with local sensibilities.
The Powerhouse Behind the Scenes
"I’m thrilled to announce the combined offering of our powers," says Sekai Ndemanga, senior VP, head of emerging markets, global acceptance team at Mastercard. "Sekai Ndemanga, senior VP, head of emerging markets, global acceptance team at Mastercard. "Traditional onboarding methods are often plagued with inefficiencies, high costs and vulnerabilities to fraud". And Mark Straub, CEO of Smile ID comments, "Our combined offering allows acquiring banks and payment facilitators to offer customers locally-optimised signup services, while maintaining speed of global standard and security".
The Goal – 1 Billion and Still Counting
This newfound partnership is just another gear in Mastercard’s sprawling machine, aimed at revolutionizing the payment landscape of Africa and beyond. Can you smell the aroma of financial inclusion wafting through the air? If so, then join me in saluting the unlikely duo of Mastercard and Smile ID, who dared to challenge the status quo and bring forth a swifter, more secure signing-up experience for African business owners.
