back Back

Paymob, Mastercard team to boost digital payment acceptance in MENA

By Delisha Fernandes

January 25, 2024

  • Digital Payments
  • e-commerce gateway
  • fintech MENA
Share

PaymobPaymob, a financial services enabler, has partnered with Mastercard to accelerate digital payment acceptance across the MENA region.

The strategic omnichannel partnership will leverage Paymob’s payments infrastructure and Mastercard’s payments technology to scale the adoption of low-cost solutions among micro, small and medium-sized businesses (MSMEs) in key markets.

Islam Shawky, Co-founder and CEO of Paymob, 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.”

The agreement includes the acceleration and enablement of Tap on Phone, e-commerce gateway and payment links solutions. The collaboration’s 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.

Mastercard leverages its extensive network, 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.

Gaurang Shah, EVP 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.”

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 Paymob’s rapid regional expansion, powered by its Series B funding of $50 million in 2022. Beyond Egypt, Paymob serves merchants in KSA, UAE, Oman and Pakistan.

Previous Article

January 24, 2024

Fimple launches Core Banking platform at Dünya Katılım in 1.5 months

Read More
Next Article

January 25, 2024

Qupital bags Series B2 funding to fuel market expansion and product offerings

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

Digital Payments

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Ebury and Nium team to offer cross-border payments in Brazil

Read More

February 23, 2024

FinTech Focus: Catch latest developments of the week

Read More

February 23, 2024

MultiPay teams up with Acquired.com to launch Pay By Bank

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023