Prime Highlights
- Mastercard and AFS have launched a unified business payments platform for the UAE and Egypt.
- The solution combines corporate cards with digital payment and expense management tools.
Key Facts
- AFS is a digital payment solutions provider and fintech enabler in the Middle East and Africa.
- The platform enables businesses to manage both payments and collections through a single mobile app.
Background
MasterCard and Arab Financial Services (AFS) have teamed up for the release of a digital solution for business payments which integrates corporate credit cards and prepaid cards along with the AFS Pro mobile application. This digital solution is going to be launched first in UAE and then it will reach Egypt. With this solution, businesses can make their financial processes easier by using one single platform.
With this solution, businesses can issue corporate cards, set spending limits, track transactions in real-time and manage expenses with the help of AFS Pro application.
Beyond corporate cards, the platform includes payment acceptance tools that allow businesses to manage both outgoing and incoming payments. Merchants can accept contactless payments through SoftPOS technology, which enables smartphones to function as payment terminals, and use Pay-by-Link for secure online and remote transactions. The app also provides real-time transaction tracking, business dashboards and reporting tools to improve financial visibility and simplify reconciliation.
The companies said the platform is designed to reduce manual work and give finance teams better control over business payments. Financial institutions will also be able to offer the solution to business customers with minimal integration, helping them launch digital payment services more quickly.
AFS Group CEO Dr Samer Soliman said the partnership with Mastercard supports the company’s expansion into the UAE and Egypt while improving efficiency, transparency and control over corporate spending for businesses.
Mastercard Executive Vice President Mete Guney said the collaboration reflects the company’s commitment to providing businesses with digital payment solutions that support growth. He added that the platform will help companies modernise their financial operations and meet changing payment needs.
