Mastercard Partners PayMongo to Enable SMEs to Set up Digital Payment Systems
Mastercard has announced a five-year partnership with PayMongo, a Filipino online payment platform, that allows businesses to quickly set up payment systems and accept multiple modes of payment such as cards, e-wallets and other alternative payment options.
The strategic partnership with Mastercard will strengthen PayMongo’s business offerings by enabling the latter to be a Mastercard issuer to small and medium-sized enterprises (SMEs).
Orchestrating this partnership is Mastercard Fintech Express, a tailored programme which provides fintechs such as PayMongo with increased speed-to-market, access to a suite of digital-first products, and a cross functional team of experts to provide strategic counsel and advisory across product, partnerships, licensing and legal issues to be able to successfully build their offerings.
“Mastercard believes in the potential of collaborating with fintechs to enable new payment flows for businesses and consumers. PayMongo has demonstrated its commitment and capability to help build the financial infrastructure that would allow enterprises of all sizes in the Philippines to succeed in the rapidly digitising economy.
Their thrust perfectly aligns with Mastercard’s mission to connect and power an inclusive, digital economy that benefits everyone. Mastercard is confident that the strategic partnership will accelerate the inclusion of SMEs into the digital ecosystem,”
said Rowell Del Fierro, Country Manager, Philippines, Mastercard.
PayMongo focuses on growing the internet economy of emerging markets like the Philippines, where SMEs make up more than 99 percent of total businesses in the country.
The lockdowns due to the pandemic outbreak prompted entrepreneurs to make the urgent shift to go online and have been able to do so through PayMongo’s digital payment platform which reportedly offers a seamless onboarding process.
The simplified dashboard, accounts management and automated payouts to any bank also allows companies to do their daily business with ease.
“This collaboration allows PayMongo to yet again offer a more seamless product experience to our merchants by tapping directly into Mastercard’s payments infrastructure, making them more agile, enabling them to do commerce faster and making their businesses grow,”
said Francis Plaza, PayMongo Co-founder and CEO.