Mastercard and Payoneer team up for digital solutions to SMEs
Small and Medium enterprises have become an integral part of the commercial payments sector as the pandemic accelerated the rate of digital adoption and SMEs were at the forefront of this. Companies in this sector have fought hard in order to capture the market share and offer competitive products and services.
New York-based financial services company Payoneer, and card network giant, Mastercard has announced a collaboration for digital solutions targeted towards small and medium enterprises.
“This partnership with Mastercard is an essential step in providing our customers with another easy way to access and spend their funds from marketplace sales and B2B commerce,” said Charles Rosenblatt, Chief Strategy Officer, Payoneer.
Last month, Payoneer announced that it will go public with ‘blank check’ company FTAC Olympus Acquisition Corporation with a valuation of $3.3 billion.
Under this partnership, the two have launched Payoneer Digital Purchasing Mastercard which is targeted towards SMBs, eCommerce sellers and freelancers worldwide and these two companies would also look closely to meet the needs of the B2B market as indicated in the press note.
Adding further, CSO at Payoneer said, “With the launch of the Payoneer Digital Purchasing Mastercard, our global customer base can pay for online advertising and other digital services, as well as have another way to pay suppliers”.
According to the press release, Mastercard will provide Payoneer with ‘access to innovative new products and benefits to better meet the needs of their customers and in return, Mastercard will benefit from Payoneer’s B2B footprint which would help the card giant gain access to Payoneer’s ecosystem of 5 million businesses.
Companies that would accept payments via Payoneer would benefit from Payoneer Digital Purchasing Mastercard such as to invest funds earned to invest into their growth through digital advertising platforms, making purchases anywhere around the world where Mastercard is accepted. The companies would have access to virtual cards giving them room as to how they would send and receive payments around the globe.