Mastercard has partnered Network International, a digital commerce enaber across the Middle East & Africa (MEA), to drive the adoption of cashless payment solutions across the region.
Mastercard and Network International will launch the Commercial Payment Platform in Q4 2020 to offer business and corporate cards, travel cards, fleet cards and procurement cards among other corporate payment solutions.
Launch of the Commercial Payment Platform
According to Raghu Malhotra, President, Middle East and Africa, Mastercard, “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.”
Corporate clients will further be able to benefit from Mastercard’s In Control for Commercial Payments, an innovative platform that helps improve the user experience through the creation of an end-to-end virtual payment ecosystem.
Annual commercial spend in the Middle East and Africa tallies at more than US$4 trillion, but only 1% is currently done through payment cards. As commercial cards become more popular in the region, corporate clients are recognizing the benefits of card products that offer business benefits such as enhanced cashflow, more visibility, spend control, reduced reconciliation efforts, and a free credit period.
Digital and remote payments
Business are 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 businesses can move from cash-based payments to an improved, frictionless and seamless ecosystem utilizing 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 Chief Executive Officer, Network International.
The companies have a long-standing partnership. In 2019, Mastercard invested in Network International, followed by an additional commitment of $35 million over a five-year period towards developing innovative payment solutions for consumers to accelerate the adoption of cashless payments in the region and propel a world beyond cash.
Network International recently acquired Kenya’s DPO Group for $288 million.