Mastercard, the technology leader in the global payments sector, and Saudi Arabia-based HyperPay, have aligned to roll out a slew of new digital payment solutions across the Middle East and North Africa (MENA) region. HyperPay is the fastest growing e-commerce services payment provider in MENA.
The new alliance will witness multi-rail capabilities and payment gateway solutions address new customer segments by embracing new frictionless and innovative payment infrastructure.
As part of the terms of the alliance, Mastercard will strategically invest in HyperPay to enhance delivery of its proven capabilities. The investment will also allow the company to identify new technology that can be used for practical use cases.
Mastercard’s Multi-rail approach
Mastercard’s multi-rail approach allows innovation across multiple payment rails, adds value and connects information, all this while permitting individuals and organizations to seamlessly transact across multiple channels to any end-point.
By utilizing the innovative abilities of Mastercard and HyperPay, the alliance will present new advanced technologies, allowing businesses and governments to migrate from cash-based payments to a frictionless and seamless payment ecosystem.
President – Eastern Europe, Middle East and Africa, Mastercard, Dimitrios Dosis stated that enhancing the payment ecosystem was imperative for developing a robust and inclusive digital economy. He also said that Mastercard was thrilled with the new alliance with HyperPay that will offer customer access to seamless, innovative and secure payment systems. He mentioned that with the shared vision of Mastercard and HyperPay, the company has an opportunity to leverage the region’s potential with the use of technology and innovation.
Expansion to be fast-tracked
Founder and CEO of HyperPay, Muhannad Ebwini, said that creating strong partnerships had been part of the company’s mission since inception and that HyperPay was delighted to collaborate with Mastercard. He said that the company was committed to expand beyond payment systems, and aims to deliver a full-suite of financial products to customers. Ebwini also said that HyperPay was building products that will meet the ever-changing needs of its platform customers across all major verticals.
In a statement, he said that e-commerce will continue to grow as customers reliance on digital platforms for shopping has become the optimal way to shop, and that simplified payment solutions would enhance the delivery of frictionless customer experiences.
Recent studies from Mastercard showed that almost 61 percent of consumers in the MENA region would not interact with businesses that do not accept digital payments of any kind.
Mastercard, as a leading payment solutions provider, in collaboration with its fintech partners continues to support digital payment and digital banking systems across the MENA region.
The alliance is a part of Mastercard’s broader multi-rail strategy that supports payment innovations across the region. This would enable individuals and organizations to transact wherever, whenever, and however they choose, spanning both card and account-to-account payment rails.
HyperPay, since 2014, connects the largest network of banks across the MENA region, and permits internet-based businesses to manage and accept online payments with security, flexibility and ease.