Following this strategic deal, Mastercard and SadaPay are expected to launch small and medium-sized enterprise (SME) debit and credit cards in the region of Pakistan. The multi-year partnership will also provide the companies with the possibility to boost financial inclusion among the country’s small businesses and freelancers.
According to the official press release, Pakistan represents a home for over 5.2 million MSMEs, as well as a region where the digital payments landscape is rapidly developing. The introduction of the small and medium businesses (SMBs) debit card capabilities was designed to address the evolving preferences, demands, and needs of SadaPay’s diverse client base. At the same time, the strategic deal will cover digital payment services, especially focusing on the process of facilitating cross-border and ecommerce transfers by using credit cards.
In addition, SadaPay is expected to work with Mastercard Advisors, a service that will offer strategic insights, as well as payments and technology expertise for a wide range of initiatives aimed at developing and advancing the fintech firm’s growth. Furthermore, the companies will cater to the requirements of the local rapidly growing market segments that have been overlooked. This will take place by offering businesses, customers, and individuals new opportunities in order to engage with the global digital economy.
Mastercard represents a global technology company in the payment industry, aiming to connect and optimise the manner in which firms and individuals access an inclusive, secure, and digital economy. The firm will continue to build a robust digital payments infrastructure and develop a more inclusive and secure society for customers and clients in Pakistan. The companies will also focus on remaining compliant with the laws and requirements of the local market.
The partnership between Mastercard and SadaPay started in 2020, prioritising the issuance of debit cards. According to the press release published at the time, the firms were going to equip SadaPay e-wallet holders with Mastercard debit cards, which were enabled to be used locally and internationally on ecommerce, POS, and ATMs. The fintech company is set to cater to multiple clients from other areas by 2025, a plan that is expected to serve a large segment of Pakistan’s unbanked and underbanked population.
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