Maps.me, alongside Monavate, announced a new prepaid card offering, powered by Mastercard (NYSE: MA).
Today’s consumers are digital, borderless, and proving “to be increasingly open to using financial products that are integrated with apps that they use daily and trust.” With a waiting list of more than 1 million users for the Maps.me digital wallet, this means “all 60 million users of Maps.me could be able to make payments wherever Mastercard is accepted.”
Maps.me Co-founder Alex Grebnev said:
“This product extension means Maps.me users will be able to enjoy cashback, discounts, and other rewards when travelling, anywhere Mastercard is accepted. 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 was “made available on the iOS version of Maps.me last month, with activation codes being sent to users who request them in-app.”
Already one of the major offline mapping application, Maps.me reportedly “has more than 60 million annual active users and has been 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.”
Monavate’s Chief Commercial Officer, Scott Lucas remarked:
“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. 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.”
As noted in the update, Maps.me claims to be one of the leading off-line mapping application for travelers “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 (DeFi) platforms that use smart contracts to allow users to transact directly with each other, rather than via a financial institution.”
Through Maps.me, users can also enjoy “a range of exciting rewards including eSIM connectivity, cashback opportunities and discounts.”