Mastercard Partners Paymob to Enhance Digital Payment Adoption in The MENA Region
Payments giant Mastercard has collaborated with leading financial services enablers in the Middle East, North Africa, and Pakistan, Paymob, to accelerate digital payment acceptance across the MENA region.
The strategic partnership will utilize the strengths of Paymob’s payment infrastructure alongside Mastercard’s advanced payment technology to enhance the adoption of low-cost solutions among micro, small, and medium-sized businesses (MSMEs) in key markets.
Also, the partnership will focus on enhancing and facilitating solutions like Tap on Phone, e-commerce gateways, and payment links. By concentrating on affordable solutions, this joint effort intends to rapidly increase digital payment acceptance among smaller businesses and cater to needs that were not previously met by existing payment systems.
Speaking on the partnership, CEO of Paymob Islam Shawky said,
“This strategic partnership with Mastercard
delivers on Paymob’s mission to fuel MSMEs via access to cutting-edge financial solutions. Our joint acceleration of low-cost digital acceptance solutions will lead to greater adoption of digital payments across the region. We are dedicated to creating an environment that ensures MENA MSMEs are empowered to compete in a cashless society.”
Also speaking, Gaurang Shah, executive vice president of Products & Engineering, EEMEA at Mastercard, said,
“At Mastercard, we are committed to developing fit-for-purpose solutions that enable MSMEs to pay and get paid securely. We are delighted to enter a collaboration with Paymob that builds on our complementary strengths to empower small businesses in the region to reap the full benefits of the thriving digital economy and maximize their participation in sustainable development.”
By combining Mastercard’s global payment network and Paymob’s local insights and capabilities, the collaboration will contribute to the ongoing evolution of the digital payment landscape, fostering greater financial inclusion and convenience for individuals and businesses throughout the region.
