Mastercard, a technology leader in the global payments industry, has announced a strategic partnership Saudi Arabia-based HyperPay, the fastest growing e-commerce payments services provider in the Middle East and North Africa (MENA), to drive the adoption of digital payment solutions across the region.
As part of the partnership, Mastercard will make a strategic investment in HyperPay to continue enhancing the delivery of its proven capabilities and identify new technologies that can be applied to practical use cases. Mastercard’s multi-rail approach is about leading payment innovation across multiple payment rails, adding value and connecting information, while enabling people and organizations to transact across any channel and to any end point.
The collaboration will offer advanced new technologies so businesses, governments and SMEs can move from cash-based payments to an improved, frictionless, and seamless ecosystem utilizing the innovative capabilities of both Mastercard and HyperPay.
Dimitrios Dosis, President, Eastern Europe, Middle East and Africa, Mastercard, said: “Growing the payment ecosystem is crucial for the development of a robust digital economy that is more inclusive for all. We are thrilled to enter this partnership with HyperPay as we work together to offer consumers access to innovative, seamless and secure payment solutions.
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“With this shared vision, Mastercard and HyperPay have the opportunity to unlock the region’s potential by using technology to pave the way for a streamlined, efficient and more inclusive future.”
Muhannad Ebwini, Founder and CEO of HyperPay, said: “Forging strong partnerships has been part of our mission since day one and we are delighted to announce this collaboration with Mastercard. We are committed to fast-track our expansion beyond payments, to deliver a complete suite of financial products.
“We have dealt with the challenges businesses face when it comes to accepting digital payments and are building products that meet the evolving needs of our platform customers across all verticals. Ecommerce will continue to grow, as relying more on digital platforms for shopping becomes the optimum way for consumers around the world to shop and simplified payment solutions will enable the delivery of frictionless consumer experiences.”
Mastercard’s Economic Outlook 2022 estimated that 20% of the digital shift in retail would stay put. Furthermore, recent studies from Mastercard showed that 61% of MENA consumers say they would avoid businesses that do not accept electronic payments of any kind.
As a leading technology provider and enabler for digital first-use cases, Mastercard along with its fintech partners, is continuing to support the digital payments and virtual banking ecosystems across the region. This is part of Mastercard’s broader multi-rail strategy to support payment innovation in the region across all digital payment rails, enabling people and organizations to send and receive money how, where, and when they choose, across both card and account-to-account payments rails.