Mastercard launches site to back SMES’ digital rejig

TO help small and medium enterprises (SMES) recover from the pandemic and prepare for the future, Mastercard Inc. said it has launched a microsite across most of its Asia-pacific websites with information and resources on how to digitalize and run businesses more efficiently.

“As Covid-19 drives a rapid and lasting shift to e-commerce and contactless payments, the one-stop center features guides on digital transformation, elearning courses, information about Mastercard products and services for SMES, cyber security insights and tools to reduce vulnerabilities and access to discounts on business software solutions, e-commerce platforms and digital marketing services,” a statement Mastercard issued from Singapore said.

“SMES have taken a particularly hard hit from the pandemic, so it’s vital for them to get the knowledge, skills and resources they need to offer an omnichannel shopping and payment experience that drives business and builds customer loyalty in the physical and digital worlds,” Mastercard Asia Pacific Executive Vice President, Products & Innovation Sandeep Malhotra said.

“With consumer buying habits and expectations evolving so quickly, this initiative is just one of the ways that Mastercard is fostering financial inclusion and helping small businesses to go digital across their operations to reduce costs, increase efficiency and improve cash flow management—all while staying safe and protected from cyber risks and fraud,” Malhotra added.

The microsite is available across Mastercard’s English-language websites for Singapore, Malaysia, the Philippines, Thailand, Hong Kong, India and Southeast Asia. It will be rolled out selectively on non-english sites in the future.

To enhance the resources for SMES, Mastercard said it tapped a website builder and a cloud solutions provider.

“These partners are sponsoring online guides and articles on various topics— from creating an online store and choosing the right domain name to migrating to an online expense management and accounting platform,” the statement said.

According to Mastercard, the benefits of going digital are far-reaching.

“Digitalization of SMES could add $2.6 trillion to $3.1 trillion to Asia Pacific’s GDP [gross domestic product] by 2024, a recent study by International Data Corp. showed,” the statement said. “Due to the impact of Covid-19, it said, nearly 70 percent of SMES in Asia Pacific are accelerating digitization and 86 percent believe this will help build resilience against future events.”

“Reflecting the huge shift to a ‘digital first’ mindset, contactless payments via the Mastercard network were 41 percent of in-person transactions in the third quarter of 2020—up from 37 percent in the second quarter and 30 percent a year earlier.”

With ATM withdrawals at an all-time low, Mastercard said its research shows more than 70 percent of consumers globally plan to continue or increase online purchases and that 74 percent intend to keep using contactless payments after the pandemic subsides.

“In Asia Pacific, touch-free payments are here to stay, according to 71 percent of consumers in Australia, 77 percent in India, 73 percent in China and 62 percent in Japan.”