Mastercard has partnered with mobile payments company SumUp to increase electronic payment acceptance locations in Europe.

Over the next five years, the partnership will work to make card acceptance solutions available for micro, small and medium-sized companies (MSMEs) across 27 European nations.

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It will enable these businesses accept electronic payment through SumUp card readers. These card readers accept payments made through card, smartphones or wearables.

The move is expected to encourage cashless transactions and support financial inclusion by bringing countless small businesses into formal economy.

Additionally, acceptance of electronic payments is said to drive sales. According to SumUp data, small businesses can grow up to 60% by starting to accept card payments.

Mastercard executive vice-president of market development in Europe Jason Lane said: “The scale and breadth of this partnership will significantly advance electronic payments acceptance in Europe.

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“Micro, small and medium-sized companies form the backbone of the European economy and this initiative will help them to better serve their customers by offering them real payment choice. I look forward to expanding this partnership in the future.”

SumUp CCO and EVP Europe Marcel Schneider said: “There is a card acceptance gap that exists due to smaller businesses historically not being well-served by traditional payment providers.

“10% of any population should be able to accept card payments but only around 1% does. It’s this gap that SumUp and Mastercard are looking to fill through the partnership.”

Recently, Mastercard completed the acquisition of Transfast, a US-based cross-border payments company. Last month, it partnered Treezor to support fintech growth in Europe.