This partnership aims to capitalize on the payments infrastructure and technology of both companies to implement cost-effective solutions for micro, small, and medium-sized businesses (MSMEs) in key markets.
Moreover, key areas of focus for the partnership include the promotion of Tap on Phone, e-commerce gateway, and payment links solutions.
The move aligns with Mastercard's global goal to digitize 50 million small businesses by 2025, while also reflecting Paymob's strides to fostering the growth of MSMEs within the digital economy, the statement continued.
MSMEs play a critical role as drivers of economic growth and contribute significantly to the GDP of MENA countries. Enabling their digital transformation could further promote financial inclusion as the region progresses towards a cashless society.
"The acceleration of affordable digital payment solutions would lead to a higher adoption rate of digital payments throughout MENA," said Islam Shawky, CEO of Paymob.
The partnership is also meant to develop solutions that ensure secure payment transactions for MSMEs, noted Gaurang Shah, EVP of products and engineering at Mastercard.
Mastercard has been pursuing digital transformation initiatives in Egypt and the wider MENA region. The company signed in 2023 multiple agreements and collaborated with Egyptian enterprises to expedite the digitalization process.
Recently, Mastercard partnered with Masria Digital Payments company (MDP) in Egypt to introduce a carbon calculator, empowering customers to assess the environmental impact of their purchases.
Egypt has made significant strides towards digitalization in recent years. As a result, the financial inclusion rate rose by 5.4 percent to reach 67.3 percent during the first half of 2023.
Short link: