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MasterCard prepaid business up 40%

Dubai: MasterCard’s prepaid card business across Asia Pacific, Middle East and Africa grew by nearly half last year after significant partnerships were launched with a number of organisations.

The global payments technology company yesterday reported a 40 per cent year-on-year growth in gross dollar volume (GDV) for 2013. The momentum for prepaid growth is expected to continue as financial inclusion in emerging markets and cross border e-commerce transactions continue to increase.

In May last year, MasterCard forged a partnership with the Nigerian government to roll out 13 million national identity cards, the largest formal electronic payment solution in the country and the broadest financial inclusion initiative of its kind in Africa.