Safenetpay becomes a principal member of Mastercard

Moneff News 8 December 2021
Safenetpay becomes a principal member of Mastercard

We are excited to officially announce that we are now a Mastercard Principal Member. 

The announcement signifies an important milestone in Safenetpay’s mission to create a fairer and more progressive financial ecosystem for the UK’s 6 million SMEs and sole traders. 

What is Mastercard’s Principal Membership?

Principal membership will enable Safenetpay to issue payment cards directly, offering even more convenience, reduced costs, and faster transactions for UK SMEs and sole traders. The partnership will give Safenetpay the opportunity to further improve the delivery of its pioneering B2B payment solutions and acquire new customers at scale.

With a licensing agreement now in place, Safenetpay will enter an implementation phase – working directly with Mastercard – to ensure that all requirements are signed off before the first batch of physical debit cards can be issued.

Reimagining B2B payment partnerships

Sanjar Mavlyanov, CEO and founder of Safenetpay, discusses how significant this partnership is for Safenetpay: “Our strategic partnership with Mastercard is a landmark moment for Safenetpay and further demonstrates our dedication to rebuilding the financial ecosystem for UK SMEs and sole traders. Being able to issue cards under the Safenetpay name will allow our customers to bridge both the digital and physical payment spaces using one provider.” 

Deborah Suttle, Head of Commercial Issuing at Mastercard UK & Ireland added: “We are thrilled to welcome Safenetpay to Mastercard and working with them to offer innovative solutions for UK SMEs and sole traders as we build back better post-pandemic.”

What does the future hold for Safenetpay?

With Safenetpay’s all-in-one payments platform UK SMEs and sole traders will no longer need to contend with myriads of providers, saving them time, money; allowing them to focus on what's important. Safenetpay has not yet confirmed when the first batch of the card will be available but will keep customers updated throughout the implementation process as required. 

High street banks and mainstream lenders continually overlook or reject entrepreneurs despite SMEs making up 99% of all registered businesses in the UK. Safenetpay wants UK SMEs and sole traders to look beyond the banks and embrace a true alternative to the status quo.

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