Mastercard enables SMEs to tap into the booming digital economy

By Edil Corneille

Mastercard has launched a new low-cost payments solution that enables small business owners to move their businesses online and accept a range of digital payments from their customers. The ‘SME-in-a-Box’ solution is powered by Mastercard’s payment technology and that of its FinTech partners, including payments and agency banking solutions company SmartPesa, a Mastercard StartPath partner. The solution will aid small and micro merchants across the region in expanding their customer base via digital platforms and enable sustainable revenue growth.

Gaurang Shah, Senior Vice President, Product Management, Digital Payments & Labs, Middle East and Africa – Mastercard, apprised, “The SME market represents 90% of businesses in MENA, and has been deeply impacted by the pandemic. We recognize the overwhelming pressure that small business owners are currently facing and are committed to supporting them through COVID-19 and beyond by bringing our tools at a low cost and rapid time to market. The SME in a Box offering provides SME owners with a quick and simple way to digitize their business and build a platform for sustained future growth.”

The offering enables business owners to access a wide range of financial services quickly and easily through a single intuitive app compatible with all Android mobile devices. The app’s functionality supports contactless payments, QR code payments, and has the ability to generate e-payment links for remote payments. Acquirers can also access a white label app to rapidly take the solution to the market.

Barry Levett, Founder of SmartPesa, enunciated, “Historically, selling products and accepting payments via multiple channels, including in-store and online, was an advantage afforded only to large retailers. We hope that the SME in a Box solution gives smaller entrepreneurs across the region the confidence to expand their businesses and thrive in today’s fast-changing world.”

Mastercard has mentioned that SME in a Box offers a low-cost acceptance service that can run on smartphones and is powered by Mastercard Payment Gateway Services. It also delivers speed and simplicity with remote digital onboarding services from Mastercard’s StartPath partners. In addition, through its Simplify Commerce offering, the company will enable SMEs with a plug-&-play e-commerce store builder with an instant online checkout facility. These capabilities have been packaged as a bundled solution combined with special incentives to drive adoption and support business owners to tackle challenges during COVID-19.

Mastercard has made a global commitment to bring 1 billion people into the digital economy by 2025. This includes 50 million small businesses and 25 million women entrepreneurs. As part of its response to the COVID-19 pandemic, Mastercard has pledged $250 million in financial, technology, product, and insights support over the next five years to small businesses across the globe, supporting the financial security and vitality of businesses and their workers.