Mubasher: Financial services enabler Paymob has teamed up with Mastercard to accelerate digital payment acceptance across the MENA region, according to a press release.

Being a leading omnichannel payments infrastructure provider in Egypt, Paymob will utilise Mastercard’s payments technology to scale the adoption of low-cost solutions among micro, small, and medium-sized businesses (MSMEs) in major markets.

The agreement will further work on accelerating and enabling Tap on Phone, e-commerce gateway, and payment links solutions.

Co-Founder and CEO of Paymob, Islam Shawky, said: “Our joint acceleration of low-cost digital acceptance solutions will lead to greater adoption of digital payments across the region. We are dedicated to creating an environment that ensures MENA MSMEs are empowered to compete in a cashless society.”

Meanwhile, access to low-cost solutions endorses Mastercard’s global goal of digitising 50 million small businesses by 2025 while boosting Paymob’s commitment to enabling MSMEs to thrive in the digital economy.

Gaurang Shah, EVP of Products and Engineering, EEMEA at Mastercard, said, “At Mastercard, we are committed to developing fit-for-purpose solutions that enable MSMEs to pay and get paid securely.”

Shah stated: “We are delighted to enter a collaboration with Paymob that builds on our complementary strengths to empower small businesses in the region to reap the full benefits of the thriving digital economy and maximize their participation in sustainable development.”

The partnership with Mastercard follows Paymob’s regional expansion that is powered by its Series B funding of $50 million in 2022.

Beyond Egypt, Paymob serves merchants in Saudi Arabia, UAE, Oman, and Pakistan.

Earlier in 2024, the Egyptian company became the first international fintech firm to be fully licensed in Oman.