U.K.-based FinTech Monavate has announced a new prepaid Mastercard card product in collaboration with Maps.me that will allow the travel app developer’s 60 million users to make payments wherever Mastercard is accepted, according to a Tuesday (Sept. 6) press release.
Maps.me is part of the Oxygen.org ecosystem, a financial system that allows people and institutions to transact directly with each other, rather than via a large financial institution. Beyond making payments, the release states that the Maps.me wallet will enable users to earn yields of up to 8% as well to transfer money instantly to friends and family globally.
“This product extension means Maps.me users will be able to enjoy cashback, discounts, and other rewards when travelling, anywhere Mastercard is accepted,” Maps.me Co-founder Alex Grebnev said in the release.
“By seamlessly integrating payments into an app that users already know and love, Maps.me is bringing the benefits of embedded finance to its millions of users in the form of lower costs and greater convenience. And with over a million people already on the waiting list, the demand for this is clear.”
As PYMNTS has reported, all manner of apps and services are integrating payments and financial services into their offering reflecting growing consumer desire for seamless user experiences.
Read more: Embedded Finance Experiences Should Be as ‘Easy as an iPhone’
In addition to prepaid cards, registered Maps.me wallet iPhone users are able to pay for goods and services globally through Apple Pay, a functionality that was made available on the iOS version of Maps.me last month.
“Today’s digital native consumers expect payment solutions to be as fast and agile as possible, and we’re delighted to help open up the possibility for millions of Maps.me users to get Mastercard prepaid cards,” said Monavate Chief Commercial Officer Scott Lucas.
“This Maps.me partnership follows a similar one that Monavate supported for digital assets specialist Baanx and Mastercard earlier this year,” Lucas added, “and demonstrates the growing trend of integration of digital financial services.”
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