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. 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.