Mastercard Incorporated (NYSE:MA) has joined forces with Bidvest Bank in South Africa to introduce an innovative remittance platform, Bidvest Bank BidSend, aimed at enhancing options and convenience for real-time international money transfers by the country’s residents. Leveraging Mastercard’s cross-border services, the platform boasts user-friendly features designed to streamline payments.
The platform, supported by Mastercard’s technology, offers a range of benefits, including seamless payments using debit or credit cards. BidSend allows users to send money in real-time across 103 countries, with flexible payout options such as cash payouts or transfers to a mobile wallet or bank account for the recipient.
In addition to cost-effective transaction fees compared to traditional international payments, Mastercard’s involvement enables Bidvest Bank to tap into an extensive real-time payment network. Users can conduct transactions on the BidSend platform through a debit or credit card, and the platform supports transactions through a Progressive Web App or WhatsApp, catering to evolving customer needs in South Africa’s payment landscape.
This collaboration is expected to modernize South Africa’s traditional remittance channels, incorporating account and non-account holders into the growing digital economy. With South Africa leading international remittances among African nations, according to the World Bank, the partnership between Mastercard and Bidvest Bank is strategically timed. The presence of Mastercard, a trusted partner with a digital arm built through various collaborations and investments, enhances the sense of security for South African customers using the BidSend platform for international payments.
Given South Africa’s prominent position in sending international remittances, the collaboration aligns with Mastercard’s strategy to strengthen its footprint in the region. The country’s expanding digital economy, fueled by increased internet usage and smartphone adoption, makes it a favorable environment for technological advancements.
In June 2023, Mastercard partnered with South Africa’s payment service provider, PayU, extending the benefits of its online checkout platform, Click to Pay, to ensure a secure checkout experience for consumers in the country. Mastercard remains committed to leveraging innovative technology, providing advanced digital payment options, and enhancing financial access for underserved communities in the evolving digital ecosystem.
Over the past year, Mastercard’s shares have gained 17.4%, slightly trailing the industry’s growth of 17.7%.
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Author Stephanie Bédard-Châteauneuf