June 12, 2019
28 May 2019: The African payments industry is being reshaped by a confluence of global megatrends that will leave in its wake greater convenience, improved experiences and greater financial inclusion. This was the message from Markus Eichinger, Executive Vice President of Group Strategy at Wirecard, a global innovation leader in digital financial technology.
Eichinger said the payments industry is currently under pressure from a number of global mega trends that will reshape how consumers in developing and developed countries pay for goods. These include:
He was speaking at an event in Cape Town introducing the rebrand of MyGate Communications, which was acquired by Wirecard in 2017 and will trade as Wirecard. Commenting on the rebrand, Hannalie Marsh, General Manager for sub-Saharan Africa at Wirecard said: “In addition to reinforcing our position as the leading global innovation driver for digital financial technology, the brand unification will help our clients scale their businesses. We are now even better equipped to provide them with international opportunities, global technology capabilities and continued service excellence, all from our South African office.”
She added that, with immediate effect, MyGate will adopt the name Wirecard, thus unifying Wirecard’s worldwide brand presence and reflecting the company’s ability to support local clients with global opportunities. “Africa’s digital financial commerce market is thriving. As a result of the advancement of financial systems and technologies, the rebranding offers Wirecard a significant opportunity to leverage synergies, enabling the company to accelerate its strategic vision of further expansion in Africa.”
Voted in 2016 as the ‘best online payment gateway in Africa’ by Technology Innovator Awards, the MyGate Communications’ acquisition has brought significant value to Wirecard’s existing business. By unifying the brand and service offering, African merchants now benefit from a comprehensive payment solution value chain, including payment acceptance and processing, issuing and a range of value-added services such as loyalty solutions and data analytics – all through one digital platform. In addition to the integrated technology ecosystem, thousands of African merchants can also leverage Wirecard’s extensive global expertise and support infrastructure.
As one of the world’s fastest-growing digital platforms for financial commerce, Wirecard assists its customers with secure, end-to-end real-time solutions built around innovative digital payments across five continents and in more than 26 countries.