Mastercard has collaborated with Scale, an issuer orchestration partner, to accelerate market deployment for fintech companies in Africa and the Middle East. The collaboration will evolve into a technology proposition, allowing any technology company to acquire Mastercard issuing capabilities via Scale.
Through the partnership, fintech companies, aggregators, enablers, payment service providers (PSPs), and telcos will have fewer obstacles to overcome in the technical and business realms when launching payment programs.
“At Mastercard, we are committed to working with local ecosystem players to drive the growth of innovative payment solutions across the region to bridge the digital gap, enhance financial inclusion, and improve access to financial services. With its in-depth knowledge of the fintech landscape, Scale is our ideal partner in achieving these goals,” said Amnah Ajmal, Executive Vice President of Market Development, EEMEA, Mastercard.
Mastercard and Scale will assist fintech companies in securing BIN sponsorships, developing sustainable unit economics, designing and commercializing payment programs, productization, assessing profitability models, and delivering a world-class customer experience while co-creating inclusive value propositions for long-term growth.
“Fintech companies move at speed and require commercially viable collaborations with experienced companies that cater to a cost-sensitive market. Through our exciting partnership with Mastercard, we are solving a major pain point and providing a single point of contact while absorbing the complexities of seeking a bank BIN sponsor, third-party processor, and other payment solution providers. This combined ecosystem service allows fintech players to focus on their core business and us to focus on ours—streamlining processes, enabling payments, and supporting the program’s growth to earn revenues faster,” said Miranda Perumal, Co-Founder & CEO, Scale.
Mastercard will integrate its managed services into the partners’ systems and oversee their card program deployment from start to finish. Scale will help partners build their portfolios, drive sales, and achieve profitability in the post-launch period by analyzing customer habits, market dynamics, and competition.
It will make it easier for banking institutions to work with other participants in the card value chain. In the interim, retailers will benefit from convenient access to digital financial services and products that will help them expand their enterprises. For example, a small retail business owner can easily integrate digital payment options into their store operations, allowing customers to make purchases using credit or debit cards. This seamless integration with the card value chain ultimately helps streamline transactions and improve the overall customer experience at the store.
For governments, the new financial products on the market will help lower the number of cash-based transactions, allowing more individuals and companies to take part in economic growth and development. Finally, there will be a greater selection of financial services and products available to individuals to suit their requirements.
This collaboration will benefit not just fintech businesses but also a wide spectrum of other actors in the ecosystem.