Paymob has announced a partnership with Mastercard to accelerate digital payment acceptance across the MENA region. The strategic omnichannel partnership will leverage Paymobโs payments infrastructure and Mastercardโs payments technology to scale the adoption of low-cost solutions among micro, small and medium-sized businesses (MSMEs) in key markets. The agreement includes the acceleration and enablement of Tap on Phone, e-commerce gateway and payment links solutions. The collaborationโs focus on low-cost solutions will fast-track mass adoption of digital acceptance among smaller businesses while addressing use cases previously not served by existing solutions.
Access to low-cost solutions supports Mastercardโs global goal of digitizing 50 million small businesses by 2025 and advances Paymobโs commitment to enabling MSMEs to thrive in the digital economy. MSMEs are the engines of economic growth and vital contributors to the GDP in MENA. Their digital enablement drives prosperity and fuels financial inclusion as the region advances toward a cashless economy.
Islam Shawky, Co-founder and CEO of Paymob, said, โThis strategic partnership with Mastercard delivers on Paymobโs 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.โ
Gaurang Shah, EVP of Products & Engineering, EEMEA at Mastercard,ย said, โAt 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.โ
Mastercard leverages its extensive network, state-of-the-art technology and global partnerships to help MSMEs adapt to changing commercial environments and new spending patterns. The company serves as a trusted provider of innovative and affordable digital payment solutions tailored to the needs of small businesses, ideally positioning them to diversify and expand.
As the leading omnichannel payments infrastructure provider in Egypt, Paymob offers its merchants the most comprehensive acceptance suite in the market, positioning it as a growth partner to MSMEs. The partnership with Mastercard follows Paymobโs rapid regional expansion, powered by its Series B funding of USD 50 million in 2022. Beyond Egypt, Paymob serves merchants in KSA, UAE, Oman and Pakistan.
