BAKU, Azerbaijan, January 29. Mastercard and Paymob have entered into a partnership aimed at accelerating the adoption of digital payments accross the MENA (Middle East and North Africa) region, Trend reports.
According to Paymob, this comprehensive, multi-channel partnership will leverage the strengths of Paymob's payment infrastructure combined with Mastercard's advanced payment technologies.
The main objective is to expand the availability of solutions for micro, small, and medium enterprises (MSMEs) in critical markets. The partnership will focus on improving and simplifying solutions such as Tap on Phone, e-commerce gateway, and payment links solutions. Focusing on affordable solutions, this collaborative effort aims to rapidly increase digital payment acceptance among small businesses and fulfill their needs that were not previously met by existing payment systems.
Mastercard's ambitious target of digitizing 50 million small enterprises worldwide by 2025 is perfectly aligned with Paymob's ambition to digitally empower micro, small, and medium-sized enterprises (MSMEs).
In the MENA region, MSMEs are critical to economic growth and play a significant role in shaping GDP.
While commenting on the partnership, Paymob co-founder and CEO Islam Shawky noted that the strategic alliance with Mastercard is perfectly aligned with Paymob's goal of empowering MSMEs through modern financial services.
In turn, Gaurang Shah, Mastercard's Executive Vice President of Product and Engineering, EEMEA, stated that the company is committed to creating customized solutions for MSMEs, with a focus on secure payment methods.
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