Mastercard and Network International are collaborating to deepen the adoption of commercial payments and solutions in Africa and the Middle East. The collaboration marks an important move in promoting cashless payments solutions across the region.
It is reported that both companies will launch a commercial payment platform in the fourth quarter of this year. With that, corporate clients will be able to draw maximum benefits from Mastercard’s innovative platform, known as In Control for Commercial Payments.
Raghu Malhotra, President, Middle East and Africa, Mastercard, said in a statement, “We are delighted to strengthen our partnership with Network International as we strive to deliver innovative payment solutions that drive socio-economic growth across the Middle East and Africa.”
The platform will help to enhance the user experience through an end-to-end virtual payment ecosystem. For Africa and the Middle East, the annual commercial spend is more than $4 trillion. However, only 1 percent of the commercial spend is carried out through payment cards.
It is reported that the platform will offer new technologies allowing businesses to transition from cash-based payments to a frictionless payment ecosystem by capitalising on both companies’ innovative capabilities.
Simon Haslam, Group Chief Executive Officer, Network International, said in a statement, “Our partnership with Mastercard enables us to create a consolidated framework to address some of the challenges and unlock opportunities for issuers, banks and fintechs in the region. We have been accelerating and enhancing our services and innovative solutions to help large and small business, government and merchants to improve their financial well-being.”