The collaboration will see Mastercard deploy its smart city solutions in the urban development project to enable residents, merchants and authorities to connect simply and seamlessly through digital channels. Citizens will be able to make everyday payments as well as pay for bills and utility services through automated portals.

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Through the partnership, RUDA will achieve efficiencies across its various processes including fee collection and other administrative services. RUDA intends to develop urban areas of the province into sustainable, livable and well-managed engines of economic growth. Mastercard will support RUDA in achieving this vision and establish a cashless framework within the community’s blueprint.

Commenting on the partnership, Khalid Elgibali, Division President, Middle East & North Africa, Mastercard, said: “As Pakistan embraces the power of digital payments, Mastercard is committed to driving digital transformation in the country through our strategic public-private-partnerships. We are working with the government across various sectors to digitize the nation’s economic infrastructure and offer citizens and communities a seamless smart city experience. The collaboration with RUDA is a milestone moment in this journey as we look to power a fully cashless community that offers convenience, simplicity and security.”

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The Chief Executive Officer of RUDA, Mr. Imran Amin said: “Mastercard has a stellar track record of powering cashless communities in several economic hubs around the world. We value the expertise that they will bring as we look to power RUDA with the flexibility and safety of smart economic solutions. The collaboration is a testament to Pakistan’s progress as a developing digital hub in the Middle East and North Africa region.” Mastercard partners with Ravi Urban Development Authority.

The collaboration is the latest in a series of strategic partnerships that have cemented Mastercard’s role as a key enabler of digitization across Pakistan. Earlier this year, Mastercard announced its partnership with Special Technology Zone to develop the country’s first cash-free zones and advance the country’s technology sector.

About Mastercard (NYSE: MA),

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

The white paper, titled ‘The Digital SME: How Are Small and Medium Enterprises in the Middle East and Africa Embracing a Digital Future?’, is an in-depth follow-on study from the data-rich Mastercard MEA SME Confidence Index 2021. This piece of research released findings about the importance of digitalization and rising confidence levels as SMEs across sectors, products, and services in the region, adapt to the new and evolving economic landscape.

It revealed that SMEs in MEA recognize faster access to revenue as the biggest benefit of a cashless economy to their business (44%).  Other benefits identified include the ease of not handling or processing cash (50%) and having more convenient ways of paying suppliers and employees (50%).

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Overall, 67% of MEA SMEs say e-commerce will have a positive impact on their business.

The white paper also found that digitalization has progressed globally since 2018, but has seen higher traction among larger corporations and financial institutions than among SMEs. It accelerated in 2020-21 to enable continuity of business, with the OECD estimating 70% of SMEs globally intensifying their use of digital technologies due to COVID-19 restrictions. Currently, according to the Mastercard MEA SME Confidence Index, digital payment methods used by MEA SMEs include mobile (59%), online (49%), and cards (48%).

“An empowered SME sector is a growth engine for the economic development of countries across the Middle East and Africa. But the challenges are many, the chief being access to funding and digitalization which have emerged as huge needs. The Mastercard MEA SME Confidence Index found that 89% of SMEs in the region see potential in digitalizing their business which is encouraging for everyone within the digital economy,” said Gaurang Shah, Head of Products, the Middle East and Africa, Mastercard.

Increasingly, SMEs are recognizing the practical benefits of digitalization in day-to-day operations, as opposed to viewing it as a long-term project for the future. There’s a solid case for this when data shows that 41% of SMEs that implemented digitalization initiatives, had stronger revenue growth in 2020 than non-adopters. Digitalization of SME operations also brings the benefit of generating data that institutions need to view an SME as a “real” business with potential and make more informed credit decisions. This helps bring small businesses into the financial mainstream.

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Partnerships play a key role in the digitalization of SMEs

The white paper also found that partnerships play a key role in the digitalization of SMEs. A stable, growing, connected small business can be the key to financial inclusion for the whole community. As a technology company, Mastercard has leveraged the power of partnerships to deliver inclusion by providing financial, technology, product, and service support to SMEs across the world.

“Connecting businesses to one another within the ecosystem, to help them grow and prosper, is a key objective for Mastercard. For a neighborhood vendor or store, there are simple solutions to reduce the risk and cost of cash, and open up sales to more customers. At Mastercard, we continue to leverage our technology, insights, global expertise and partnership approach to empower every business, especially SMEs, everywhere to grow digitally, become stronger than before, and prosper in a more connected, equal, and inclusive world,” said Amnah Ajmal, Executive Vice President, Market Development, MEA, Mastercard.

MEA SMEs reclaiming confidence after COVID 19

Although challenges related to the COVID-19 pandemic remain, small businesses in MEA are reclaiming confidence. The Mastercard MEA SME Confidence Index found 74% of SMEs in the region are optimistic about future growth, guided by the potential for digitalization, better data, access to credit and upskilling. Digitalization readiness key to unlocking SME growth potential, says new Mastercard white paper.

According to the Organization for Economic Cooperation and Development (OECD), up to 70% of SMEs globally have intensified their use of digital technologies in the wake of COVID-19. However, the gaps in SME digital adoption have not been filled. The challenges include access to infrastructure, lack of a data culture and digital awareness, and financing gaps for transformation costs, among others. Access to financing remains a key concern for SMEs worldwide, with the IFC estimating an unmet need of USD 5.2 trillion per year.

Through technology services, cyber assessments, insights, grants, digital training, mentoring platforms and knowledge initiatives, Mastercard will contribute $250 million over five years to support small businesses’ financial security globally. As part of its goal to build a more sustainable and inclusive world, Mastercard has committed to connect 50 million small businesses, including 25 million women entrepreneurs globally, to the digital economy by 2025.

Download the report here.

About Mastercard (NYSE: MA),

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

The partnership will see Mastercard integrate its digital payment gateway infrastructure into One Network’s newly launched Apple and Android smartphone app, allowing motorway commuters to top-up their M-Tag cards in advance from anywhere using their mobile devices. The newly developed app will also enable motorists to review their travel history and check their balance in real-time.

Every year, over three hundred million vehicles travel and pay Toll Tax on Pakistan’s motorways. M-Tag uses RFID technology (radio-frequency identification) to automatically and digitally deduct credit from commuters’ prepaid M-Tag accounts as they pass through RFID-enabled toll lanes. With the integration of Mastercard’s digital mobility payment solutions, commuters can add credit whenever and wherever is most convenient to them through the new application without interrupting their journeys. Mastercard partners with Pakistan’s One Network to Digitize Road Toll Payments.

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Commenting on the partnership, Khalid Elgibali, Division President, Middle East & North Africa, Mastercard, said: “As a trusted partner to the government of Pakistan, we are delighted to integrate Mastercard’s digital payment mobility solutions into One Network’s electronic toll collection system and smartphone application. Mastercard will continue to work with our partners to build a digital payments ecosystem that serves the businesses and people of Pakistan through simple, safe and seamless solutions that keep people and the economy moving.”

The Chief Executive Officer of One Network, Mr. Asif Siddique said: “We are delighted to announce that now commuters can easily recharge their M-Tag account through our Mobile App. Partnering with Mastercard to simplify toll tax payments for the millions of commuters across Pakistan’s road network brings us a step forward in driving smart transformation in the country and enriching the lives of our citizens.”

The CEO Frontier Works Organization, Mr. Kamal Azfar, expressed his support and emphasized the Organization’s drive to make Pakistan’s motorways congestion-free using cashless toll collection. The widespread adoption of digital payments for M-Tag usage in Pakistan will serve as a broad economic enabler that speeds the flow of goods, boosts tourism and further advances financial inclusion.

The collaboration – the latest in a series of strategic partnerships that have cemented Mastercard’s role as a key enabler of digitization across Pakistan – will also see Mastercard drive visibility and adoption of the new application across multiple media channels.

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About Mastercard (NYSE: MA),

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

Last year, soon after the world went into a lockdown, Mastercard announced a $250 million commitment over five years to support SMEs with digital tools and training during the pandemic. Now with the launch of ‘The Entrepreneur’s Odyssey’, Mastercard will further empower small businesses with data insights and knowledge to more efficiently and securely run their enterprises. Mastercard Academy ‘The Entrepreneur’s Odyssey’

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With a click-to-watch process on Mastercard Academy, the Entrepreneur’s Odyssey platform has direct links to recorded videos that will bring participants face-to-face with professors from Harvard, INSEAD, Wharton and the Christiansen Institute of Innovation, alongside an expert Mastercard faculty. Mastercard Academy ‘The Entrepreneur’s Odyssey’

“Small businesses are the backbone of local communities and an engine for the global economy. Because of this, it’s never been more important to ensure that entrepreneurs and small business owners have access to educational resources, insights, tools and solutions to recover from the impacts of the pandemic and truly thrive. The Entrepreneur’s Odyssey is the latest in our Mastercard efforts to deliver on the needs of these critical businesses so they can design, launch, manage and grow their ventures,”

Michael Froman, Vice Chairman and President, Strategic Growth for Mastercard

“Every small business owner and startup entrepreneur, particularly those with growth ambitions, should join The Entrepreneur’s Odyssey by Mastercard, a highly compelling online educational program. Particularly now that digital presence and operations are even more essential than in the past, The Entrepreneur’s Odyssey will help startup and SME owners upgrade their practices to use new tools to address rapidly changing customer expectations. The Entrepreneur’s Odyssey provides highly relevant entrepreneurship and management principles, and practical tools that anyone can apply to their businesses successfully,”

Professor Daniel Isenberg, CEO of Entrepreneurship Policy Advisors and former professor, Harvard Business School.

‘The Entrepreneur’s Odyssey’ is a mobile and tablet-friendly, self-paced curriculum that includes online lessons* across 21 modules with a total of 28 videos of approximately 20-30 minutes each. Following a five-pathway approach, the resources are open to all aspiring and established entrepreneurs with no limits on the number of viewers and are free to watch. The platform will also be offered to government partners.

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The five pathways include:

• Design – This pathway and the next are aimed at aspiring entrepreneurs for whom the building blocks of every great business starts with an idea and a job to be done. In this pathway, Efosa Ejomo from the Christiansen Institute of Innovation discusses why any entrepreneur’s business model should seek to address a struggle. The segment also includes how to design a customer experience, taught by a Mastercard executive.
• Launch – This pathway addresses what it takes to turn one’s business plan into a business venture. Professor David Bell from Wharton Business School discusses pricing and value creation as well as how to win in a digital economy, while a Mastercard expert gives his top tips and tricks from a digital Sherpa.
• Manage – The Manage and Grow pathways are for established entrepreneurs to discover the technology, skills and techniques to help them run their business like a professional. In this pathway, Professor Daniel Isenberg discusses the importance of building a resilient mindset while another Mastercard expert shares insights on how to build a social media marketing campaign.
• Grow – Professor Isenbergcontinues to share why a growth mindset is always critical to success no matter what stage of the entrepreneurial journey one is in.  He presents his 3C Scale Up Model: Customers, Capacity and Cash and offers practical advice for each of the Cs.
• Community – The final pathway in the curriculum shares tools, case studies, resources and access to fellow entrepreneurs. Marla Blow, founder of FS Card and experienced venture capital fund raiser discusses the Entrepreneur’s North Star in this segment.

The small business segment worldwide is diverse and vast representing the majority of businesses in local economies. This means SMEs have a significant impact on employment, growth and GDP, with the potential to make a genuine difference in terms of equality, inclusion and community wellbeing. Mastercard Academy ‘The Entrepreneur’s Odyssey’

“Small businesses need support to adapt. There’s often a knowledge gap, especially for smaller enterprises that have been operating in traditional ways until recently. That’s why Mastercard is offering this new set of educational tools to help guide and support small businesses through the pandemic, and beyond, into the recovery phase. By leveraging its technology, insights, global expertise and partnership approach, Mastercard aims to empower every business everywhere to grow digitally, become stronger than before, and prosper in a more connected, equal, and inclusive world,”

Driss Belemlih, Senior Vice President, Customer Delivery, Middle East and Africa.

The Entrepreneur’s Odyssey is a progression of other similar SME-related programs that Mastercard has developed in the past such as The Mastercard Trust Center which provides SME owners with links to curated education, resources and tools from trusted external sources to help them defend their business against cyberattacks. The Mastercard Digital Doors program also helps small businesses open their digital doors get SMEs online, protect their business, and ensure they have the right tools to digitally transform.

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Mastercard Academy provides high-quality educational services in the payment systems industry to Mastercard customers and partners that help them operate in the most efficient way and apply the learnings in order to increase profitability. Mastercard Academy provides an ample variety of seminars geared towards providing knowledge and expertise in Mastercard products and services as well as in its leading-edge technology, in a modern, interactive, and convenient way. Mastercard Academy MEA training solutions are delivered through three unique platforms: Face-to-Face Courses; On-demand Workshops; and Online Courses (via Academy On the Web). Mastercard Academy ‘The Entrepreneur’s Odyssey’

About Mastercard (NYSE: MA),

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

www.mastercard.com

The new Mastercard Debit Card will be available to all JazzCash users via a hassle-free application process through the mobile app, call center, or by dialing *786#.  The card can be used to pay at over 67,000 points of sale merchants and over 2,000 local online merchants. It also provides access to cash withdrawals at over 16,000 automated teller machines (ATM). Customers will also be able to get Mastercard Virtual Cards instantly through the JazzCash app and then immediately use it for secure online payments.

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The new set of financial solutions is set to transform Pakistan’s payments industry by simplifying access to digital payments for millions of Pakistanis and driving financial inclusion among those without access to a formal bank account. Consumers will benefit from Mastercard’s world-class digital solutions, with the new solutions allowing users to access digital services and make online payments safely and seamlessly.

“Our collaboration with JazzCash leverages global payments technology to deliver an innovative line of payment solutions that will further drive digital transformation in Pakistan. The new debit cards will redefine the ways consumers shop online and manage their finances, thereby accelerating the shift towards e-commerce and simplifying the connection between online merchants and their target audience. Ultimately, our goal is to catalyze the shift towards secure and simple digital payments and drive inclusive growth for millions of people in Pakistan’s booming digital economy,”

Ngozi Megwa, Senior Vice President, Digital Partnerships MEA, Mastercard

“JazzCash has been at forefront of leading the country towards a digitized economy and teaming up with Mastercard is one such strategic step towards driving financial inclusion and increasing digital banking footprint of Pakistan. This partnership with Mastercard will allow over 13 million Monthly Active Users of JazzCash to carry out digital payments in a convenient and secured environment with additional payment touchpoints within Pakistan.”

Murtaza Ali, interim CEO JazzCash.

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About JazzCash

JazzCash is Pakistan’s leading fintech with over 13 million monthly active customers, 80,000 retail outlets, and over 100,000 merchants nationwide. JazzCash offers a broad portfolio of branchless banking services for customers, including travel, ticketing, entertainment, money transfer, bill payments, debit card, insurance, savings, and payments for a wide variety of services. JazzCash Brings You Mastercard.