Mastercard Teams up with Massmart to Support SMMEs

In a major effort to boost the digital economy, financial services provider, Mastercard recently formed a partnership with Massmart to connect small, medium, and micro-enterprises (SMMEs) for efficient digital commerce solutions.

Fazzaco Live Webinar on 22nd Feb.: Viktoria Soltesz Discusses How to Maximise the Crypto Wave

​Mastercard noted that the collaboration will facilitate the transition away from cash. The NYSE-listed giant in the global payment industry termed the partnership a major step towards its commitment to supporting SMMEs.

The adoption of digital payment methods has spiked since the outbreak of the coronavirus pandemic. Among emerging economies, South Africa is leading the digital transformation as 64% of residents have reduced or completely eliminated the use of cash since the pandemic began.

"We recognize the overwhelming pressure that small business owners are currently facing and are committed to helping them recover and come out stronger on the side. Through our partnership with Massmart, we support financial inclusion – especially among informal merchants – and help these businesses deliver best-in-class consumer experiences using affordable digital payment solutions," Amnah Ajmal, Executive Vice President, Market Development, Mastercard Middle East and Africa, said.

According to Mastercard, the company is planning to include 1 billion people around the world in financial services by 2025. Together with its partners, Mastercard aims to facilitate 50 million micro and small businesses.

(Source: US News Mail)