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Global payments company Mastercard, has announced a strategic partnership Saudi Arabia-based ecommerce firm HyperPay, to drive the adoption of digital payment solutions across the Middle East and North Africa (MENA) 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.
“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, said Dimitrios Dosis, President, Eastern Europe, Middle East and Africa, Mastercard.
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.
Also commenting, 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…… 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.
Mastercard along with its fintech partners, is continuing to support the digital payments and virtual banking ecosystems across Middle East and North Africa.
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.
Since 2014, HyperPay is connected to the largest network of banks across Middle East and North Africa region and enabling internet businesses to accept and manage payments online, with more flexibility, security and ease.
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