- Mastercard partnership with payment gateway, PayFast, increases Priceless possibilities by supporting SMEs within the PayFast ecosystem
- Consumers who pay with Mastercard, the Masterpass app, or any other Masterpass-enabled banking app at any PayFast checkout online could stand a chance to win R10000
South Africa: For the second consecutive year, Mastercard and PayFast have partnered to support SMEs, driving online transactions that offer a convenient and secure way to pay. Running from the 14 November until 19 December 2022, the Priceless campaign will see 75 lucky winners walk away with R10000 each when paying with their Mastercard and check out through the PayFast online interface.
With over hundreds of SMEs impacted during Covid, Mastercard and PayFast are lending their continual support to these operations, with the Priceless campaign being one of many initiatives. In 2021, the campaign gave nine lucky small business owners a much-needed boost, while this year, 15 winners will be announced per week over a period of 5 weeks. With more than 80,000 merchants trusting the platform with their payments, PayFast is dedicated to supporting online businesses, helping them to get paid instantly and securely so that they can grow, develop and succeed in the digital economy.
“We’re excited to partner with Mastercard for a second time to shine a light on South African e-commerce stores and promote local entrepreneurs. This year the campaign aligns with the busy retail season that kicked off before Black Friday and runs up until the end of the year. This gives small businesses, many of whom may not be able to afford big discounts or deals, the opportunity to still participate in driving much-needed sales by promoting the cash prizes that are up for grabs to their customers through the campaign,” says Colleen Harrison, Head of Marketing at PayFast.
According to the MasterCard New Payments Index, South Africans are increasingly adopting digital payment methods, and plan to continue doing so. 89% of consumers have used at least one digital payment method in the last year, while 95% are likely to use a digital payment method in the next year. However, security remains the number one influence in choosing a payment method, while building comfort with emerging digital payments is key to supporting future adoption as the two trend together.
“Our research has shown that 86% of South African consumers use digital tools for at least one financial task. 76% know at least a little about open banking and 75% have connected their accounts for banking activities, and the majority (57%) see making a payment as the most beneficial use case. 74% connect their bank account to other platforms to pay bills, because it is more convenient and optimizes financial management,” says Morgina Akinlabi, Manager for Area Marketing at Mastercard.
Partnership such as this, aligns with Mastercard’s worldwide commitment of connecting one billion people and 50 million SMEs to the digital economy by 2025, with a direct focus on 25 million women entrepreneurs.
This year, Mastercard will also feature one PayFast Merchant, Native Décor, on the Mastercard Priceless platform, giving them an opportunity to tell their story.
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About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Mastercard Communications Contact
Amelia Naidoo, [email protected]
About PayFast
In 2019 PayFast became part of the DPO Group, spurring the growth of the largest African payment service provider. As South Africa’s leading online payment gateway, the company enables easy, secure, and instant transactions helping online businesses succeed in the digital economy. PayFast offers merchants a variety of payment methods to better serve their customers including Masterpass, credit cards, Instant EFT, debit card, Mobicred and Scode. For more information visit www.payfast.co.za.
