Mastercard has partnered with Swoo Pay, a mobile payments application targeting developing markets. Their collaboration seeks to bring cryptocurrency-based loyalty rewards to the forefront, filling voids in the global payments landscape that have been overlooked by Google.
Filling the Gap
Since 2021, Mastercard has been strategically eyeing cryptocurrencies to explore their utility and offer rewarding perks to clients. For instance, in one of its latest trademark applications last year, Mastercard signaled its intention to develop software for crypto and blockchain transactions.
With this partnership, Mastercard and Swoo now aspire to penetrate markets in Africa and Southeast Asia where Google Pay lacks a significant presence.
During an interview, Filipp Shubin, co-founder of Swoo, emphasized the vast opportunities present in developing markets like Nigeria, Kenya, the Philippines, and Indonesia. He also highlighted the challenges encountered by the large base of Huawei smartphone users who can’t use Google services due to US sanctions.
A Shared Objective to Address Tokenized Payment Challenges
Shubin provided further details on Mastercard’s intention to support Swoo tokens — a form of rewards given to users, which can be turned into other cryptocurrencies like Bitcoin or USDC. In a pilot carried out in January, approximately 17,000 participants benefited from a 5% cashback cryptocurrency program.
Denis Filippov, a Mastercard country manager, emphasized the shared objective of tackling tokenized payment obstacles for Android users through this collaboration, aiming to improve accessibility. He expressed confidence in offering inventive incentives to Swoo users for their routine transactions.
