MasterCard, global FinTech and technology pioneer within the card and global payments arena, alongside its strategic giant Network International, has now formed a collaboration for powering commercial payments adoption as well as providing varied solutions across the territory.
The joint collaborative force will witness the launchpad for Commercial Payment platform within the cease of Q4 2020. This platform will be innovative, robust and would provide offerings like Businesses as well as corporate cards, travel cards, fleet-based cards, as well as procurement-based cards amongst the topmost payment solutions for aiding establishments of varied sizes across excess arena making this move for accumulating cashless as well as paperless, contactless transactions.
Annual profitable spend in the Middle East and Africa tallies at additional than $4 trillion, but only 1% is presently done over payment cards. As commercial cards become further popular in the territory, corporate clients are recognising the assistances of card products that offer corporate benefits such as higher cashflow, additional visibility, spend control, concentrated reconciliation efforts, and a free credit period.
Business are progressively turning to digital and remote payments, a swing that has been augmented by the Covid-19 pandemic. The platform will offer advanced new technologies so businesses can transfer from cash-based payments to an upgraded, frictionless and seamless ecosystem utilising the innovative capabilities of both Mastercard and Network International.
The President, Middle East and African territory, Raghu Malhotra announced in an elated tone that “Their dynamic ties alongside Network International is further going to be more fruitful and will back up their robust aid with them thriving hard for delivering innovative and better enhanced payment solutions that powers path for a Socio-Economic progression across the two territories Middle East as well as Africa. Mastercard alongside Network International would propel a long-lasting commitment for forward-thinking committed progressive opportunities and unearth the territory’s massive economic potential by via technology to overlay the means for a streamlined, well-organized and more inclusive future.”
Simon Haslam, Group Chief Executive Officer, Network International further commented that: “Their fruitful alliance alongside Mastercard empower them for creation of a huge consolidated framework for addressing few of the hurdles as well as unearth the potential opportunities for issuers, banking establishments and FinTechs in the territory. They have been fast-tracking and enhancing their services and innovative solutions to provide assistance for the large and small businesses, government and traders to progress their financial well-being.”
Mastercard’s matching set of payment solutions will enable commerce to save time, diminish costs and streamline the way they manage their business expenses. Corporate clients will further be able to get better advantage from Mastercard’s In Control for Commercial Payments, a state-of-the-art platform that aids in improvising the clientele experience via the creation of an end-to-end virtual payment ecosystem. The businesses have a long-standing partnership, bringing together Mastercard’s comprehensive expertise and technology and Network International’s well-known capabilities via platforms that have a robust focus on security and innovation.
During 2019, Mastercard made a strategic investment as a foundation investor in Network International, followed by an additional commitment of $35 million over a five-year period in the direction of evolving innovative payment solutions for clients to fast-track the adoption of cashless payments in the territory and thrust a world beyond cash.