This Is How Mastercard Is Supporting Local Business in South Africa!
Photo Cred: Pexels

The Mastercard campaign aims to inspire and incentivise South Africans to shop local.

 

Johannesburg, South Africa (17 September 2021) – Mastercard has partnered with online payment gateway PayFast to launch a campaign that encourages South Africans to support local small and medium-sized enterprises (SMEs) by utilising e-commerce platforms.

This partnership between Mastercard and PayFast comes as SMEs are struggling to get back on their feet following the outbreak of the COVID-19 pandemic which negatively impacted many small businesses due to the harsh lockdown regulations and travel restrictions disrupted trade and supply chains.

The SME sector employs 47% of South Africa’s workforce and contributes more than 20% to the country’s gross domestic product (GDP) and pays about 6% of corporate taxes, a big economic contributor.

Launched in August, the two-month campaign aims to elevate the visibility of small businesses who use PayFast’s payment gateway and some of these businesses will be profiled on Mastercard’s experiential lifestyle hub, Priceless.com.

The campaign mechanics are simple, consumers who make an online purchase using their Mastercard, Masterpass app or any other Masterpass-enabled banking app at a PayFast merchant before 30 September 2021 will stand a chance to win one of nine R100 000 weekly shopping vouchers to spend at any PayFast merchant.

This Is How Mastercard Is Supporting Local Business in South Africa!
Photo Cred: Mastercard

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.

“Small businesses are the backbone of the country’s economy, and we are committed to helping them to combat the devastating economic effects of the pandemic. Among the many things we are actively doing, is enabling them to accept digital payments safely and securely, through e-commerce, QR and contactless. The partnership with Payfast is testament to our drive to ensure that we make it easier to access to digital financial services in order for communities to benefit from future growth and opportunity,” says Kamini Redhi, Marketing and Communications Director at Mastercard, Southern Africa.

“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 that can help elevate SMEs in the marketplace,” Redhi added.

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 choice for their customers through e-commerce,” says Colleen Harrison, Head of Marketing at PayFast.

E-commerce is on the rise

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 business’ 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,” concludes Redhi.

Mastercard believes that SMEs have the potential to make a genuine difference in many communities, if they can be supported with the right tools to navigate challenging times, sustain themselves in crisis, scale and ultimately succeed.

For more information about Mastercard’s commitment to supporting local business, click here.


Sources: Irvine Partners
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