Sunday 26 June 2022

The agreement being signed

Mastercard, HyperPay to expand digital payment rails in Mena

RIYADH, May 25, 2022

A tie-up between Mastercard and HyperPay will see multi-rail capabilities and gateway solutions reach new customer segments across Mena through the adoption of innovative and frictionless payment ecosystems.
Mastercard is a technology leader in the global payments industry, and Saudi Arabia-based HyperPay is the fastest growing e-commerce payments services provider in Middle East and North Africa (Mena).
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. 
Multi-rail approach
Mastercard’s multi-rail approach is about leading payment innovation across multiple payment rails, adding value and connecting information, while enabling people and organisations 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 utilising 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.”
Fast-tracking expansion
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.
Digital fist-use cases
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 organisations 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.-- TradeArabia News Service


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