Recently, a partnership was announced between “Bay Mob,” a prominent digital financial services provider in the Middle East, North Africa, and Pakistan, and Mastercard, a global leader in payment technology. This collaboration aims to drive the advancement of digital payments across the region.
The core of this partnership lies in leveraging “Bay Mob’s” advanced payment infrastructure alongside Mastercard’s expertise in the field to achieve widespread adoption of cost-effective payment solutions among micro, small, and medium-sized businesses. The agreement also includes the development and enhancement of services such as “Tap on Phone,” electronic payment gateways, and payment link systems to facilitate digital payments at a low cost, thereby promoting financial inclusion and supporting the transition towards a cashless economy in the region.
This initiative aligns with Mastercard’s global goal of integrating 50 million small businesses into the digital economy by 2025. It also underscores “Bay Mob’s” commitment to empowering these businesses to thrive in the digital era, ultimately contributing to economic growth and increasing the gross domestic product (GDP) in the region.
Islam Shawky, Co-Founder and CEO of “Bay Mob,” expressed optimism about this partnership, emphasizing that it aligns with “Bay Mob’s” vision of supporting and empowering small businesses through innovative financial solutions. On the other hand, Gorang Shah, Deputy Executive Vice President of Products and Engineering for Eastern Europe, the Middle East, and Africa at Mastercard, highlighted the company’s commitment to developing solutions that meet the needs of small businesses and contribute to their sustainable growth.
Mastercard, with its global network and advanced technologies, and “Bay Mob,” with its extensive experience in providing multi-channel payment infrastructure in Egypt and the region, collaborate to deliver innovative payment solutions tailored to small businesses, enhancing their ability to expand and grow. This partnership follows “Bay Mob’s” rapid regional expansion, supported by a $50 million Series B funding round in 2022, and its strong presence in countries such as Saudi Arabia, the United Arab Emirates, Oman, and Pakistan.
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