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MultiChoice moves to create own payment platform
MultiChoice, a South Africa-based pay TV giant, currently relies on third party platforms to process payments for its subscribers. Photo / File
What you need to know:
- MultiChoice says it will leverage its reach of about 22 million households across 50 countries in Africa to create a payment platform for its customers and other general payment options
MultiChoice has said it will leverage on its reach across Africa to establish a payment platform that will not only be used by its customers, but help the South Africa-based pay TV to “expand our ecosystem, by investing in adjacent businesses that provide scalable services, underpinned by technology”.
Is a statement early this week, Mr Calvo Mawela, the MultiChoice Group chief executive officer, said the platform, which will be established through a joint venture with Rapyd and General Catalyst, will operate under a new company, called Moment.
“Investing in this venture is a logical progression for us, as we already process payments every month from 22 million households across 50 countries in Africa,” he said, noting that the venture under Moment fulfills “our strategy to expand our ecosystem, by investing in adjacent businesses that provide scalable services”.
MultiChoice currently processes payments worth $3.5b (Shs13.1 trillion) across the Group annually, on which Moment will consolidate with the view of expanding options for subscribers as well as make payment processes efficient for non-subscriber customers.
In Uganda and most parts of Africa, MultiChoice currently relies on third-party payment platforms through which customers pay for its products, among which include pay TV.
MultiChoice has not indicated when it hopes to roll out the platform but noted it will offer expanded infrastructure with a long-term plan to provide a pan-African payment system that handles about 44 million small businesses on the continent as well as support the process of turning 90 percent of retail transactions currently taking place in cash, into digital payments.
Mr Arik Shtilman, the Rapyd chief executive officer, said in a statement that Africa offers one of the most exciting markets across the globe with tremendous opportunities to expand the use of digital payments as well as drive payments from cash to real-time.
“We are thrilled to … provide Africa’s most complete payment platform for businesses through Moment,” he said, noting that Moment will capitalise on the tremendous entrepreneurial drive of African businesses to thrive by offering relevant payment solutions.
