The proliferation of smartphones, advances in technology, and changing consumer preferences have accelerated the growth of digital payment platforms in recent years. One of the outstanding platforms in the industry is Mastercard, with $22.2 billion in revenue in 2022, an increase of 18% from 2021.
To enhance the adoption of digital payment solutions in the MENAP region, Mastercard has announced a strategic partnership with Dubia's SimpliFi, a Cards as a Service (CaaS) platform for MENA and Pakistan to bring Mastercard-enabled payment products and services to market in record time.
Founded in 2021 by Ali Amin Sattar, SimpliFi is a personal finance app designed to help users manage their cash flow and get a big-picture view of their finances. Since its inception, the platform has been on a mission to democratize payments by building the leading Cards as a Service platform for MENA and Pakistan.
The strategic partnership will seamlessly leverage SimpliFi’s innovative technology, thereby significantly reducing the time and costs typically associated with card initiatives. Additionally, Mastercard will continue pushing the region's payments ecosystem's digitization by bringing market-leading solutions.
SimpliFi intends to hasten the launch of payment products for businesses across many countries at once with one integration and a seamless journey by operating in the UAE, Saudi Arabia, Bahrain, and Egypt, among other places.