Mastercard and PayFast Continue to Support Small and Medium Sized Enterprises (SMEs) Through Priceless Possibilities

  • Mastercard’s partnership with payment gateway, PayFast, increases Priceless possibilities by supporting SMEs within the PayFast ecosystem
  • Consumers who pay using their Mastercard card, Masterpass or any other Masterpass-enabled banking app at any PayFast online checkout point stand a chance to win R10000

 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 14 November until 19 December 2022, the Priceless campaign will see 75 lucky winners walk away with R10000 each when paying using their Mastercard card and checking out through PayFasts online interface.

With hundreds of SMEs impacted during Covid, Mastercard and PayFast are lending their continued support to these operations, with this 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.

“Mastercard 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.

Partnerships such as this, align 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 spotlight one PayFast Merchant, Native Décor, on the Mastercard Priceless platform, giving them an opportunity to tell their story.

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