February 2015 - MasterCard and Telr, a Singapore and Dubai-based, emerging market focused online payment gateway, have announced a collaboration to empower small and mid-sized enterprises (SMEs) in the United Arab Emirates. The collaboration will be realized through a series of initiatives aimed at educating consumers and empowering SMEs to take their businesses online.
The announcement reaffirms MasterCard and Telr's long-term commitment to the region and to the rapidly growing e-commerce industry. Currently, SMEs account for 95 per cent of companies in Dubai and employ 42 per cent of the total workforce1.
"Through this collaboration, MasterCard aims to increase acceptance of electronic payments online and displace cash by simplifying the adoption of digital payments," commented Ravi Bhardwaj, Head of Market Development - Middle East, North Africa, MasterCard. "The collaboration will help eradicate the traditional barriers faced by SMEs looking to take their businesses online, enabling them to take advantage of the growth in the e-commerce industry across the UAE and globally."
Commenting on this partnership and the present market opportunities, CEO and co-founder of Telr, Sirish Kumar said "SMEs are in a favorable position to succeed online. The internet allows these companies to breakdown physical barriers and enjoy bigger market reach while working around the limitations imposed by offline-only operations. In the face of the numerous challenges facing them, Telr provides startups and SMEs with the multi-lingual and multi-currency online payment gateway and cash management solutions to enable them to start and grow their businesses online."
This strategic collaboration between MasterCard and Telr will be instrumental in further accelerating growth of e-commerce, and will play an important role in driving more use of safe, simple and secure electronic payments online.
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MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
Telr is a Payment Gateway offering a set of unified APIs and tools that instantly enable businesses to accept and manage online payments via web, mobile and social media. Telr prides itself on offering the most secure, reliable and innovative online payment processing service available today in the Middle East. Telr has a team of passionate and experienced ePayments experts and a solid in-house developed platform aiming to revolutionize the payment gateways industry in Middle East, Africa and Southeast Asia through its unique value proposition of payment gateway and cash management solutions. telr.com
© Press Release 2015