Mastercard and PayFast to Enable Development for SMEs

With Mastercard’s new partnership with PayFast, SMes can now expect better reach as the partnership expects to shed a spotlight on their businesses.

As Small and Medium-sized Enterprises (SMEs) accelerate digital transformation efforts in response to the pandemic, Mastercard has partnered with the online payment gateway PayFast to encourage South Africans to shop online at local businesses, while putting a spotlight on small businesses and the inspiring entrepreneurs behind them.

Launching this week, the two-month campaign aims to elevate the visibility of these businesses that leverage PayFast’s payment gateway through content highlighting manufacturers, clothing designers, jewellers, and creators. Select businesses will also be featured on Mastercard’s Priceless platform.

The campaign aims to inspire and incentivise South Africans to support local small businesses through e-commerce. Until 30 September 2021, consumers who checkout using their Mastercard, Masterpass app or any other Masterpass-enabled banking app at a PayFast merchant will stand a chance to win one of nine R100 000 weekly shopping sprees to spend at any PayFast merchant.

PayFast merchants that promote the campaign, also stand a chance to win one of nine R10 000 prizes, which they can use to further boost their business.

“The pandemic has delivered financial headwinds that threaten the economic progress of SMEs and because of this, Mastercard is taking action, while also calling on consumers alike to shop, share and support these businesses. At Mastercard, we are dedicated to unlocking potential and empowering SMEs to thrive commercially by connecting them to millions of new and existing customers through digital technologies and awareness campaigns like our collaboration with PayFast that spark conversations and help elevate SMEs in the marketplace.”

Kamini Redhi, Marketing and Communications Director, Mastercard Southern Africa

With more than 80,000 merchants trusting the platform with their payments, PayFast is dedicated to supporting online businesses, helping them to get paid instantly and securely so that they can grow, develop and succeed in the digital economy.

“Through this partnership with Mastercard, we will be able to open new possibilities for our merchants who will get much-needed exposure, especially during these trying times where not all businesses have the funding to promote their products and services. We want to see small businesses grow through and beyond the pandemic and provide the necessary solutions and choices for their customers through e-commerce.”

Colleen Harrison, Head of Marketing, PayFast

E-commerce has been a boon for small businesses over the last 16 months, largely due to consumer’s rapid adoption of online shopping and digital services as they opt to shop from the safety of their homes.

According to a Mastercard study on consumer spending, 68% of South African consumers are shopping more online since the onset of the COVID-19 pandemic, and 63% say that they are making a conscious effort to shop online at small businesses.

“With the increasing shift to digital, consumers are still seeking a personalised and human element to their e-commerce experience. By shining a light on small businesses’ ingenuity, we aim to Start Something Priceless and inspire South Africans to get behind local businesses through safe and convenient online shopping. This in turn will empower businesses to not only survive but build future prosperity and support recovery.”

Kamini Redhi, Marketing and Communications Director, Mastercard Southern Africa

More News