- ChitChat, a Zambian social commerce platform with built-in USD digital wallets, has partnered Mastercard to introduce new virtual debit cards aimed at improving cross-border payments.
- This follows an initial partnership between Union54 and Mastercard, which launched ChitChat in March 2024 after a $1.2 billion chargeback fraud attempt forced Union54 to halt its services.
- Per a statement, the launch of ChitChat’s virtual card will speed up cross-border payments, offering a solution that replaces lengthy bank visits, extensive paperwork, and high fees with instant in-app transactions.
Users can store funds in multiple currencies, offering protection against local currency fluctuations and inflation, and simplifying cross-border transactions.
This partnership will enable users to access a one-stop shop where they can transact and shop online, pay for subscriptions, and transfer funds across the continent in real time—all within the messaging interface of the ChitChat application.
Launched in 2024, ChitChat is a social commerce platform developed by Union54, a provider of digital financial solutions in partnership with Mastercard to enable users to send each other money to digital wallets within chats.
The platform features interactive chat functionality that allows users to coordinate expenses directly and transfer funds instantly using the virtual card without any issues.
ChitChat offers services to users in countries including Zambia, Ghana, Tanzania and Angola. In July, 2024, the platform confirmed a move to expand remittances to China, India, Tanzania, Zimbabwe, and South Africa with the goal of reaching over 30 countries worldwide by the end of 2024.
This puts the platform in position to drive economic growth, encourage entrepreneurship, and promote financial inclusion throughout Africa.
Perseus Mlambo, CEO of ChitChat, stated that integrating local economies with the global market through a secure and convenient chat platform will enable users to make instant transactions, transforming everyday interactions and create new economic opportunities across the continent.
“Our partnership with ChitChat will empower them to manage their consumers' digital commerce needs, interactions, and experiences. We will provide multi-use, omnichannel digital payment solutions that enhance operational efficiency and enable a seamless transition into digital commerce,” Gabriel Swanepoel, Country Manager at Mastercard also said.
Africa's eCommerce industry is projected to reach $75 billion by 2025, with social commerce playing a major role in this growth. Social commerce platforms including Kenya’s Chpter and Sukhiba Connect have also raised funds to expand their operations, leveraging the growing market.
Don't miss out on Africa's financial revolution
Give it a try, you can unsubscribe anytime. Privacy Policy.
