Mastercard and Qashio Team to Promote Cashless Spend Management

Mastercard has launched a credit card partnership with Dubai-based FinTech Qashio.

The collaboration will help Qashio introduce corporate credit cards and enable them with virtual issuance capabilities, according to a Monday (Aug. 21) press release. The goal is to promote cashless, flexible expense management for corporates.

“In line with the [United Arab Emirates] government’s vision to grow a robust digital economy, Mastercard and Qashio are expanding access to commercial B2B solutions that can help [small- to medium-sized businesses (SMBs)] digitize and transform their operations with a digital-first mindset and approach,” the companies said in the release.

Gina Peterson-Skyrme, who oversees business development for Mastercard in the UAE and Oman, said in the release the partnership is happening as the UAE moves toward a cashless economy.

A substantial portion of corporate spending often happens via personal cards, petty cash and checks, underscoring the importance of digitizing and modernizing corporate spend management, per the release. This reduces reconciliation and manual work by accountants, leading to time savings.

The partnership is happening as SMB owners are contending with inefficient expense management, as Chris Trainor, head of product at Paymentus, told PYMNTS in June.

He noted that many SMBs are run by people who are themselves consumers but find themselves dealing with levels of complexity that transcend simply managing their household budgets.

“The average small business owner does not have complete control over their finances and expenses, which leads to negative situations related to cash flow and profitability,” he said.

This is often the case with seasonal businesses, like construction and landscaping firms, where expenses and revenues can be uneven or project-based.

Mastercard’s partnership with Qashio comes weeks after the company teamed with travel agency Nirvana Travel and Tourism to offer a payment solution to customers who book travel services in the UAE, Saudi Arabia, Egypt and Jordan.

The partnership combines digital and contactless payment technology for consumer and business travel and offers an integrated travel expense management solution to corporate customers.

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