Mastercard and Uber Commit to Extend their Financial Services

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A successful partnership requires two organizations committed to achieving their shared goals and that is what Mastercard and Uber are doing. Uber has officially announced to extend the partnership with Mastercard to expand electronic payment and ensure financial inclusion throughout the Middle East and Africa. It is intended that the partnership with Mastercard will enable Uber to drive digitization across their business, leveraging Mastercard infrastructure to meet all types of payment needed across Uber Pass, Uber Eats, Uber Rides, and Uber for Business.

Mastercard is engaged in creating platforms for their customers to easily access a network of qualified technology and fintech partners that can deploy Master Digital First Solution. This solution will provide a customer entirely digital system from acquisition to card usage, from management to engagement with a physical card option.

The Economy 2021 report ­delivered by Mastercard demonstrated that COVID-19 has permanently delineated a distinct picture of the fintech world. There is a rapid increase in online banking and fintech disruption for boosting financial inclusion. Through this technique, both companies have the opportunity to cover up the financial inclusion gaps through a range of efforts.

“The expansion of Mastercard Engage is happening at a critical time when financial institutions and digital players are seeking to fulfill consumer demand for digital experiences but may not have all of the in-house capabilities to do so, “said Andrea Scerch, President, Consumer Products for Issuers.“Instead of merely supporting physical cards with digital experiences, we are powering consumer choice by building a robust network of qualified enablers that can help our customers quickly launch digital products from the ground up.”

The new partnership between these two companies builds on existing work. Last year, Mastercard had arranged 120,000 free trips and meals to supporting communities in the Middle East and Africa, facilitated by Uber. This strategic partnership spread across the region and supported many hospitals, cities, front-line workers, and marginalized communities with free rides and meals.

Regional General Manager for the Middle East and Africa, Uber, Tino Waked claims, “This is the largest partnership for us across MEA, and we are proud to be working together to bring key financial solutions to driver-partners across MEA. Driver’s well-being is a top priority and putting opportunities they want within reach is important to us.”

According to the Executive Vice President Market Development, Mastercard MEA, Amnah Ajmal, “Mastercard continues to partner with digital players across the value chain to build a more connected world. Enabling secure, quick movement of money for individuals in the gig economy. Workers and customers are especially vital as we support economic recovery efforts. Through our growing partnership, we are enabling the company’s long-term business growth as a result of improved operational efficiencies, driving greater financial inclusion and innovation across the region, and ultimately boosting the growth of the digital economy in MEA”.

Last year, Uber in South Africa launched a product called Uber pass, which will now be available across most MEA cities, with Mastercard becoming a key distribution partner.

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