Egypt’s Paymob, Mastercard partner to boost e-payments in MENA

This partnership aims to capitalize on the payments infrastructure and technology of both companies to implement cost-effective solutions for micro, small, and medium-sized businesses (MSMEs) in key markets.

Moreover, key areas of focus for the partnership include the promotion of Tap on Phone, e-commerce gateway, and payment links solutions.

The move aligns with Mastercard's global goal to digitize 50 million small businesses by 2025, while also reflecting Paymob's strides to fostering the growth of MSMEs within the digital economy, the statement continued.

MSMEs play a critical role as drivers of economic growth and contribute significantly to the GDP of MENA countries. Enabling their digital transformation could further promote financial inclusion as the region progresses towards a cashless society.

"The acceleration of affordable digital payment solutions would lead to a higher adoption rate of digital payments throughout MENA," said Islam Shawky, CEO of Paymob.