Mastercard has launched a new low-cost payments solution that facilitates small and medium-sized business (SME) owners to move their business online, the media reported.
It will also the SMEs to offer a wide range of payment solutions to its customers.
The new payment solution is launched by Mastercard in partnership with its fintech partner SmartPesa, a Mastercard StartPath partner.
The unique 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.
It supports contactless payments, QR code payments, and has the ability to generate epayment links for remote payments.
The “SME-in-a-Box” solution is powered by Mastercard Payment Gateway Services.
With regard to the launch of new payment solution, Gaurang Shah, Senior Vice President, Product Management, Digital Payments & Labs, Middle East and Africa – Mastercard told the media, “The SME market represents 90 percent 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 digitise their business and build a platform for sustained future growth.”
Earlier this year, Mastercard partnered with vCita to launch Business Unusual digital tools platform in Europe. The platform is built to help small firms expand in a digitally-enhanced environment. The offering targets micro and small businesses, media reports said.