Mastercard has formed a partnership with Scale, an issuer orchestration partner, to expedite the market deployment of fintech companies in the Middle East and Africa.
By collaborating, fintech companies, aggregators, enablers, payment service providers (PSPs), and telcos will be able to focus on their core business and launch new products and services more efficiently, as the collaboration will eliminate critical technical and commercial barriers to entry that they encounter when launching payment programs. Mastercard and Scale will provide assistance to fintech companies and other ecosystem players in the following areas: securing BIN sponsorships, establishing sustainable unit economics, designing and commercializing their card and other payment programs, productization, assessing profitability models for their programs, and delivering a world-class customer experience. They will collaborate with their partners to develop inclusive value propositions that are well-positioned for long-term expansion. The collaboration will transform into a technology proposition that will allow any technology company to acquire the Mastercard issuing capability through Scale.
Mastercard will integrate its managed services into the systems of its partners and oversee the complete implementation of their card program. Scale will aid the partners in expanding their portfolios, driving revenues, and attaining profitability during the post-launch period by gaining an understanding of consumer behaviors, market dynamics, and competitors. The partnership will provide a diverse array of benefits to a diverse range of participants throughout the ecosystem, in addition to fintech companies.
It will facilitate collaborations with stakeholders in the card value chain for financial institutions. In the interim, merchants will have effortless access to digital financial products and services that will enable them to expand their enterprises. The new financial offerings that are currently available in the market will enable a greater number of individuals and businesses to engage in economic development, thereby bolstering GDP growth and reducing the reliance on cash-based transactions. This will be beneficial for governments. Ultimately, consumers will have a broader selection of financial products and services that are tailored to their requirements.
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Industry Comments
“At Mastercard, we are committed to working with local ecosystem players to drive the growth of innovative payment solutions across the region with the aim of bridging the digital gap, enhancing financial inclusion and improving 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, Market Development, EEMEA, Mastercard.
“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.
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