This Is How Mastercard Is Supporting Local Business in South Africa!
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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 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.