PAYMOB AND MASTERCARD PARTNER TO ACCELERATE DIGITAL PAYMENT ACCEPTANCE IN MENA
Dubai, United Arab Emirates, January 24, 2024 – Paymob, the leading financial services enabler in the Middle East, North Africa and Pakistan (MENA-P), has announced a partnership 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. 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.
Access to low-cost solutions supports Mastercard’s global goal of digitizing 50 million small businesses by 2025 and advances Paymob’s 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, “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.”
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.”
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 Paymob’s 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.
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About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Paymob
Paymob is the leading financial services enabler in the Middle East, North Africa and Pakistan (MENAP), delivering cutting-edge financial technologies to customers in the region. Its omnichannel gateway offers more than 40 payment solutions and empowers over 250,000 merchants with access to innovative financial services.
Founded in 2015, Paymob is the largest payments facilitator in MENAP and employs 1,400 team members across the markets it serves. The company launched operations in Pakistan in 2021 and in the UAE in 2022. Paymob received Saudi Payments PTSP certification in May 2023 enabling it to launch its operation in KSA. In December 2023 Paymob was a granted PSP license in Oman.
The Company is backed by regional and global investors including PayPal Ventures, Kora Capital, Clay Point Capital, Global Ventures, FMO, A15 and Nclude.