Financial services company Mastercard and its strategic partner Network International, a leading enabler of digital commerce across the Middle East & Africa (MEA), have collaborated to drive the adoption of commercial payments and solutions across the region
The partnership will see the launch of the commercial payment platform in Q4 2020.
The platform will offer business and corporate cards, travel cards, fleet cards and procurement cards, among other corporate payment solutions to help businesses of all sizes across a wide range of sectors move to cashless and paperless payments.
Mastercard’s suite of payment solutions will allow businesses to save time, reduce costs and simplify the way they manage their business costs. Corporate clients will also be able to benefit from Mastercard’s In Control for Commercial Payments, an innovative platform that helps improve user experience by creating an end-to-end virtual payment ecosystem.
Annual commercial spending in the Middle East and Africa is more than US$4 trillion, but currently, only 1% is spent on payment cards. As commercial cards become more popular in the region, corporate clients recognise the benefits of card products that offer business benefits such as enhanced cash flow, increased visibility, spending control, reduced reconciliation efforts, and a free credit period.
Business is increasingly turning to digital and remote payments, a shift that has been accelerated by the COVID-19 pandemic. The platform will offer advanced new technologies so that businesses can move from cash-based payments to an improved, frictionless and seamless ecosystem using the innovative capabilities of both Mastercard and Network International.
“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,” said Simon Haslam, Group CEO, Network International.
