Mastercard and Zoho partnership to help SMEs thrive

By S BIRRUNTHA / Pic By BLOOMBERG

MASTERCARD Inc has joined forces with business software company Zoho Corp to provide entrepreneurs around the world a complete array of products and services to help their business be efficient and profitable.

Mastercard global merchant solutions and partnership executive VP Zahir Khoja said the partnership would pair the two companies’ smart solutions and scale to fundamentally address some of the challenges that entrepreneurs face every day.

“These entrepreneurs drive job creation, productivity and growth globally. It is critical that we find partners and develop solutions that allow us to help them succeed,” he said in a statement yesterday.

The collaboration would enable small business customers access to a suite of marketing, accounting and customer relationship management tools to automate and digitise time- intensive, paper-based processes via Zoho’s platform.

By expanding its existing partnership from India to the rest of the world, Mastercard and Zoho will also enable simpler business operations for small and medium enterprises (SMEs) globally.

According to Mastercard, small businesses account for nearly 50% of the world’s GDP and employ almost two-thirds of the global workforce.

Through its financial institution and acquiring partners, small businesses will now have access to various solutions such as enterprise resource planning and finance software, customer relationship management and marketing solutions among others.

Zoho CEO Sridhar Vembu said the partnership will ease the daily responsibilities of entrepreneurs and help their businesses grow and thrive.

“As partners, we embark on our joint mission to fuel the global small business economy. We are excited to partner Mastercard, a company committed to empowering small business owners across the globe.

“This partnership connects small businesses to the innovative applications that enable them to access, manage and analyse real-time information that are critical to their success,” he added.

Zoho is a cloud-based platform accessible via website and application that can be delivered via API (application programming interface).

The company’s technology stack is flexible, taking the burden off the integration process and bringing solutions to market faster.

The Mastercard and Zoho shared solutions will be available later this year.