#United Kingdom #Mastercard #Bristol #MSME #BaseKit

Partnership Overview

BaseKit, recognized as a leading white-label website and e-commerce builder, has partnered with Mastercard, a global leader in payment technology, to enhance digital inclusion for micro, small, and medium-sized enterprises (MSMEs). This collaboration aims to empower entrepreneurs by providing them with the necessary tools to establish their online presence, thereby integrating them into the broader digital economy.

The Importance of MSMEs

Micro, small, and medium-sized enterprises are crucial to the global economy, representing over half of the world’s GDP and more than 90% of businesses worldwide. Moreover, they contribute significantly to job creation, accounting for approximately two-thirds of total employment. This partnership not only helps these businesses to thrive in an increasingly digital world but also emphasizes the importance of supporting them in achieving their full potential.

Transformative Digital Tools

Through this partnership, Mastercard’s partners can now offer their MSME customers the ability to easily launch professional websites, set up online stores, and manage bookings. The platform being provided contains an AI-powered website builder, integrated e-commerce capabilities, and a mini Customer Relationship Management (CRM) system. All these functions are seamlessly integrated with Mastercard’s secure payment processing, ensuring a smooth and reliable experience for both businesses and their customers.

Integrating Technology into Small Businesses

Maria Parpou, the Executive Vice President of Mastercard Gateway, expressed, "Mastercard is committed to bringing micro, small, and medium-sized businesses into the digital economy through strategic partnerships. BaseKit is such a partner, and we’re excited to collaborate together to empower businesses of all sizes to thrive digitally." The focus of this initiative is to simplify the digital journey for entrepreneurs, allowing them to focus on their core business operations instead of worrying about technological barriers.

Expanding Financial Services Offerings

The growth potential for banks within the MSME sector is substantial, with MSMEs generating approximately 21% of total banking revenue pools. In fact, revenues from MSME banking are increasing at an annual rate of 7%, faster than those from both retail and corporate banking segments. By collaborating with BaseKit, financial institutions can broaden their offerings beyond traditional banking services to include essential digital tools, enhancing their relationships with small businesses and capturing a more significant market share.

A Shared Vision

Both BaseKit and Mastercard share a vision for democratizing technology and fostering an environment where anyone with a business idea can flourish. Simon Best, the CEO of BaseKit, stated, "This partnership represents an important opportunity for millions more entrepreneurs to start a business and thrive online with our super simple digital tools." This strategic alliance perfectly aligns with Mastercard’s recent success in surpassing its goal of integrating 50 million businesses into the digital economy, now reaching 65 million MSMEs.

Global Reach and Multilingual Support

BaseKit is actively available to Mastercard customers through partner banks, payment service providers (PSPs), and independent software vendors (ISVs), catering to MSME customers across various markets. Importantly, the platform supports 25 different languages, making it accessible to a diverse global audience.

Conclusion

The partnership between BaseKit and Mastercard signifies a significant step towards increasing digital inclusion for MSMEs around the world. By providing essential tools for establishing an online presence and facilitating secure transactions, this collaboration not only empowers small businesses but also contributes to a more robust global economy. As this initiative unfolds, it will be essential to monitor its impact on the growth of MSMEs and the broader digital landscape.