Mastercard, Uber advance cashless payments and financial inclusion across MEA

Mastercard, Uber advance cashless payments and financial inclusion across MEA

Ride-hailing firm Uber, has advanced its collaboration with Mastercard, by introducing a new strategic initiative focused on cashless payments and financial inclusion in the Middle East and Africa (MEA) region.

Through the partnership, Uber will leverage Mastercard’s single infrastructure to drive digitization across its business operations and also enable the company to meet all types of payments needs across Uber Rides, Uber Eats, Uber Pass, and Uber for Business.

The strategic initiative is aimed at boosting cashless payments, drive digital payment acceptance, reward loyalty, while supporting Uber’s continued social impact collaboration.

Commenting on the strategic initiative, Amnah Ajmal, Executive Vice President Market Development, Mastercard, MEA said, “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 digital economy in MEA.”

Mastercard’s Economy 2021 report , notes that the economic impact of COVID-19 has introduced permanent changes in digital consumer spending habits, growth of online banking, fintech disruption and opportunities to boost financial inclusion.

Through the partnership, both companies can bridge the financial inclusion gap through a broad range of efforts.

“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,” said Tino Waked, Regional General Manager, Middle East & Africa at Uber. “Driver’s well-being is a top priority and putting opportunities they want within reach is important to us.”

Mastercard and Uber have remained committed to helping people around the world navigate the challenging times caused by the pandemic and stand ready to support cities whether it be logistics or free rides.

The work undertaken with Uber plays a key role in advancing Mastercard’s worldwide commitment to financial inclusion and the company’s pledge to bring a total of 1 billion people, 50 million micro and small businesses, and 25 million women entrepreneurs into the digital economy by 2025.