MasterCard, the leader of the global payments industry, and its strategic partner Network International, the leading enabler of digital commerce across the Middle East & Africa (MEA), have declared a partnership to accelerate the adoption of commercial payments and solutions in the region.
The partnership will include the launch of Commercial Payment Platform in the fourth quarter of 2020. The platform will provide business and corporate cards, travel cards, fleet cards and procurement cards among other corporate payment solutions to help organizations of all sizes make the transition to cashless and paperless payments.
The payment solutions suite from MasterCard will allow companies to save time, reduce charges and simplify the way they handle their business costs.
Furthermore, corporate customers will be able to benefit from “In Control for Commercial Payments” services of MasterCard, a revolutionary platform that helps to enhance the user experience by providing an end-to-end virtual payment ecosystem.
In the MEA region, annual commercial spending amounts to more than $4 trillion, but only 1 percent is actually spent using payment cards.
As commercial cards become more common in the region, corporate consumers realize the advantages of card products that deliver business benefits such as improved cash flow, greater exposure, control of spending, reduced efforts to reconcile, and a free term of credit.
Business sectors are shifting to digital and remote payments, a change driven by the pandemic. The platform will provide advanced new technology so that companies can switch from cash-based payments to an enhanced, frictionless and seamless environment using both MasterCard and Network International’s innovative capabilities.
“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. MasterCard and Network International share a commitment to advance opportunities and unlock the region’s immense economic potential by using technology to pave the way for a streamlined, efficient and more inclusive future.”
Simon Haslam, Group Chief Executive Officer, Network International said, “Our partnership with MasterCard enables us to create a consolidated framework to address some of the challenges and unlock opportunities for issuers, banks and fintech 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.”
The companies have a long-standing collaboration, putting together the worldwide experience and technologies of MasterCard and the renowned capabilities of Network International across networks that have a strong emphasis on security and innovation.
MasterCard made a strategic investment as a base investor with Network International, in 2019, accompanied by an added commitment of $35 million over five years to create creative payment technologies for customers to speed up the region’s adoption of cashless payments and drive a world beyond money.