Islamabad, Pakistan; 29 January 2024: Mastercard and SadaPay have expanded their strategic business partnership to launch SME debit and credit cards in Pakistan. The multi-year collaboration will see the two companies boost financial inclusion among the country’s small businesses and freelancers.
Pakistan is home to over 5.2 million MSMEs and a booming digital payments landscape. The introduction of the SME debit card tailored for freelancers and subsequent credit offerings will address the evolving needs of SadaPay’s diverse customer base. The partnership will also cover digital payment solutions, especially facilitating cross-border and ecommerce payments by debit cards.
Furthermore, SadaPay will work with Mastercard Advisors, who will offer strategic insights as well as payments and technology expertise for a wide range of initiatives aimed at advancing the fintech company’s growth. Additionally, it will cater to the requirements of rapidly growing market segments that have historically been overlooked, offering businesses and individuals new opportunities to engage with the global digital economy.
“At Mastercard, we are committed to building a robust digital payments infrastructure and paving the way to a more inclusive society in Pakistan. In line with our pledge to connect 50 million MSMEs worldwide to the digital economy by 2025, we work to help small businesses realize their full potential. We seek to harness the power of partnerships with pioneering fintech players, such as SadaPay, to provide Pakistan’s SMEs and freelancers with innovative products and services that enable them to pay and get paid,” said Arslan Khan, Vice President and Country Business Manager, Pakistan, Mastercard..
“SadaPay is on a mission to address the financial requirements and solve the payment pain points of freelancers, who will make a growing contribution to Pakistan’s economy in the next decade. Our expanded partnership with Mastercard will enable us to diversify our digital-first offering and introduce groundbreaking products poised to be a game-changer for freelancers and small businesses.” said Brandon Timinsky, CEO, SadaPay.
Mastercard and SadaPay entered an exclusive partnership, focused on the issuance of debit cards, in 2020. The fintech company is expected to cater to over three million customers by 2025, which will serve a large segment of Pakistan’s unbanked and underbanked population.