Maps.me partnership with Monavate is to provide up to 60 million active users with prepaid cards linked to digital wallets, powered by Mastercard.

Partnership Highlights

Users will benefit from the convenience of Mastercard’s leading payment acceptance network to spend globally and earn loyalty rewards from the Maps.me ecosystem.

“This product extension means Maps.me users will be able to enjoy cashback, discounts, and other rewards when travelling, anywhere Mastercard is accepted,” said Maps.me Co-founder Alex Grebnev. “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.”

In addition to Mastercard prepaid cards, registered Maps.me wallet iPhone users will be able to pay for goods and services globally through Apple Pay. The Apple Pay functionality, available on the iOS version of Maps.me last month, with activation codes being send to users who request them in-app.

Maps.me Overview

Maps.me has more than 60 million annual active users and downloaded 140 million times over the past nine years. Approximately half of the Maps.me users who responded to a survey said they would like to access financial capabilities through the app.

Maps.me is part of the Oxygen.org ecosystem, a user-driven financial system that allows people and institutions to transact directly with each other, rather than via a large financial institution. As well as making payments, the Maps.me Wallet will also enable users to earn yields of up to 8% as well to transfer money instantly to friends and family globally.

“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’s 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, and demonstrates the growing trend of integration of digital financial services.”

About Maps.me

Maps.me is the world’s leading off-line mapping application for travellers with 60 million annual active users who plan and navigate journeys worldwide with the app. Maps.me has integrated financial services including payments, forex and passive income generation, becoming part of a new generation of decentralized finance platforms that use smart contracts to allow users to transact directly with each other, rather than via a financial institution.

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About Monavate

Monavate is a payment solutions provider, aiming to demystify finance, making it accessible to all; simplifying and improving how people pay the world over. Indeed, Monavate delivers people-first payment solutions. Combining expert guidance with fit-for-purpose technology to make even the most ambitious financial product ideas reality.

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SOURCE

https://www.prnewswire.com/news-releases/mapsme-partners-with-monavate-to-provide-up-to-60-million-active-users-with-prepaid-cards-linked-to-digital-wallets-powered-by-mastercard-301617842.html?tc=eml_cleartime

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