Mastercard Incorporated (NYSE:MA) has entered into a memorandum of understanding with MaxAB, a rapidly expanding B2B marketplace in Egypt catering to the wholesale food and grocery industry. Under this partnership, Mastercard will offer cutting-edge digital payment solutions to a network of 100,000 micro, small, and medium enterprises (MSMEs) on the MaxAB platform. This collaboration aims to automate and digitize the payment cycles for merchants, facilitating the acceptance of contactless payments from consumers.
Mastercard’s advanced digital payment solutions are expected to enhance the efficiency of MSMEs by eliminating manual operational processes, addressing reconciliation issues, reducing fraud incidents, and supporting business scalability. In the context of a growing digital era, ensuring secure payments is crucial, as frauds can result in significant losses for both consumers and merchants.
The agreement reflects Mastercard’s commitment to promoting widespread digital payments adoption among Egypt’s MSMEs. Partnering with a tech-savvy B2B marketplace like MaxAB aligns with Mastercard’s broader goal of bringing 50 million MSMEs worldwide into the digital era by 2025. Small businesses often face challenges in embracing digitization due to a lack of capital and resources.
Given the numerous benefits, this collaboration is expected to drive the usage of Mastercard’s acceptance solutions across the MaxAB network, contributing to the tech giant’s revenue growth. Mastercard focuses on digitizing daily life in various African nations, particularly in Egypt, where it has intensified efforts. In addition to the MaxAB partnership, Mastercard has recently entered into collaborations with Egyptian financial service providers such as Societe Arabe Internationale De Banque and Industrial Development Bank.
Mastercard’s shares have demonstrated a 13.6% gain in the past year, outperforming the industry’s 11% increase.
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Author Stephanie Bédard-Châteauneuf 
