Mastercard Incorporated MA recently collaborated with the leading fintech of the Middle East and Africa – QNB. The tie-up aims to introduce “myPOS” tap-on phone service for benefiting micro and small businesses across Qatar.
Backed by MA’s technology prowess, the newly launched service extends a seamless, convenient and affordable digital payment technology capable of converting smart devices into safe payment acceptance devices. All a business owner needs to do for availing the service is to download the mobile app on an Android smartphone.
Subsequently, the smartphone will play the role of a secure payment acceptance device and enable consumers to pay for goods and services purchased through contactless cards, mobile wallets and smartwatches.
On top of that, the facility of empowering a business owner to accept payments via a smartphone is devoid of any added equipment or setup-linked expenses. The new service also aims to provide consumers with an accelerated and secure checkout experience.
The recent partnership marks yet another effort on Mastercard’s part to address the needs of small merchants and help them reap more benefits of a rapidly expanding digital economy. At a time when most businesses are compelled to infuse digitization within their operations, micro and small businesses often suffer from inadequate resources and financial uncertainties. To bail such businesses out of the crisis, Mastercard continues to partner with numerous well-established organizations, deliver several innovative digital payment solutions and pursue significant investments.
Since mobile phones have become integral to our lives, the new tap on phone service that turns smartphones into payment acceptance devices seems to perfectly harness the teeming prospects in the worldwide digital payments space.
The latest move can be termed as a time opportune one as well. Per Mastercard’s management, out of 25,000 registered businesses in the private sector in Qatar, over 95% of them are categorized as SMEs. This highlights the timeliness of the new service launch across the country.
Also, the intensified focus of Mastercard on establishing a solid footprint across the Middle East can be clearly identified through its recent initiative in Qatar. The Middle East continues to witness a booming digital economy driven by factors such as increased Internet penetration and higher usage of smartphones.
Shares of Mastercard have gained 3.6% in a year against the industry’s 6.9% decline. MA currently carries a Zacks Rank #3 (Hold).
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Stocks to Consider
Some better-ranked stocks in the Business Services space are HireQuest, Inc. HQI, Payoneer Global Inc. PAYO and The Hackett Group, Inc. HCKT. While HireQuest sports a Zacks Rank #1 (Strong Buy), Payoneer Global and Hackett Group carry a Zacks Rank #2 at present (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The bottom line of HireQuest outpaced estimates in three of the last four quarters and missed the mark once, the average beat being 37.65%. The Zacks Consensus Estimate for HQI’s 2023 earnings suggests an improvement of 43.7% from the year-ago reported figure. The same for revenues suggests growth of 31.1% from the year-ago reported number The consensus mark for HQI’s 2023 earnings has moved 11.6% north in the past 60 days.
Payoneer Global’s earnings outpaced estimates in three of the trailing four quarters and missed the mark once, the average being 25.42%. The Zacks Consensus Estimate for PAYO’s 2023 earnings is pegged at 12 cents per share. A loss of 3 cents per share was reported in the prior year. The same for revenues suggests growth of 28.5% from the year-ago reported number. The consensus mark for PAYO’s 2023 earnings has moved from a loss of 7 cents per share to earnings of 12 cents in the past 60 days.
The bottom line of Hackett Group outpaced estimates in each of the last four quarters, the average beat being 10.53%. The Zacks Consensus Estimate for HCKT’s 2023 earnings suggests an improvement of 7.3% from the year-ago reported figure. HCKT boasts an impressive Value Score of A.
Shares of HireQuest and Payoneer Global have gained 15.8% and 37.3%, respectively, in a year. However, the Hackett Group stock has lost 19.3% in the same time frame.
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