EGYPT – Paymob, a financial services facilitator in the Middle East, North Africa, and Pakistan (MENA-P), has formed a strategic alliance with Mastercard in a bid to boost digital payment acceptance across the MENA region.

This omnichannel partnership will use Paymob’s payment infrastructure and Mastercard’s payment technology to encourage the uptake of cost-effective solutions among micro, small, and medium-sized enterprises (MSMEs) in key areas.

The partnership will expedite and enable Tap on Phone, e-commerce gateway, and payment link solutions. By focusing on low-cost solutions, the collaboration aims to speed up the widespread acceptance of digital transactions among smaller businesses and target use cases overlooked by current solutions.

“This strategic partnership with Mastercard delivers on Paymob’s mission to fuel MSMEs via access to cutting-edge financial solutions,” Islam Shawky, Co-founder and CEO of Paymob, said.

“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.”

This alignment with low-cost solutions aids Mastercard’s global aim of digitizing 50 million small businesses by 2025 and promotes Paymob’s dedication to helping MSMEs flourish in the digital economy. 

As essential contributors to the MENA region’s GDP and economic growth, digitally enabling MSMEs drives prosperity, promotes financial inclusion, and propels the region towards a cashless economy.

“At Mastercard, we are committed to developing fit-for-purpose solutions that enable MSMEs to pay and get paid securely,” Gaurang Shah, EVP of Products & Engineering, EEMEA at Mastercard, said.

“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.”

Mastercard uses its proFound network, innovative technology, and international partnerships to assist MSMEs in adjusting to evolving business landscapes and new spending habits. As a reliable source of creative and affordable digital payment solutions tailored to small businesses, Mastercard is optimally positioned to help them diversify and grow.

The collaboration with Mastercard comes on the heels of Paymob’s rapid expansion in the region, driven by its Series B funding of US$50 million secured in 2022. Beyond Egypt, Paymob caters to merchants in KSA, UAE, Oman, and Pakistan.

This partnership comes a week after Paymob received license as a Payment Service Provider (PSP) by the Central Bank of Oman.

Paymob claims that securing the license makes it the first international fintech company to be fully licenced in Oman, following its compliance with all the regulatory requirements stipulated in the central bank’s framework.

With the license in hand, Paymob can now accept and process online and in-store payments in the country, powered by its local integration with the central bank’s payment infrastructure, OmanNet.

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