Mastercard announced on Friday it has formed a global commercial partnership with merchant software platform, Pollinate. Through the collaboration, the duo will reportedly bring the latest technology and data insights to banks serving small and medium businesses around the world. In a statement, the companies shared:
“Both Mastercard and Pollinate recognise the importance of small and medium businesses (SMEs) to communities and economies around the world. With SMEs accounting for 90% of businesses and 50% of employment worldwide, supporting them is even more crucial after Covid-19. Central to this support is the ability for SMEs to access the digital tools and payment solutions that will enable them to survive and thrive.”
While sharing details about the partnership, Zahir Khoja, Executive Vice President of Merchants Solutions and Partnerships at Mastercard, stated that the work with Pollinate, as well as the wider issuer and acquirer solutions ecosystem, supports Mastercard’s collective goal to offer digital payment solutions for small and medium-size businesses to deliver a seamless experience for their customers in a time of need. Alastair Lukies CBE, Founder & CEO of Pollinate, concluded:
“With SMEs being the cornerstone of the global economy and providing half the world’s jobs, supporting their growth and recovery has never been more important. Both Pollinate and Mastercard are passionate about working with banks to bring SMEs best in class services. Mastercard has demonstrated a long commitment to SMEs, and we are honored to deepen our partnership.”
The partnership with Mastercard comes less than a year Pollinate launched its platform. As previously reported, Pollinate is led by a team of experienced executives from the payments, technology and loyalty sectors. Pollinate noted that its platform allows a bank to enter acquiring, or transform their existing business without changing their underlying infrastructure. Banks can offer their merchants digital onboarding, and a portal that acts as a central hub of a merchant’s business.