Finance & Capital Market

HyperPay receives permit to activate new ‘mada’ services

The Mena region’s leading payment gateway, HyperPay, has received permission to enable the new ‘mada’ services to its merchants in Saudi Arabia.
 
New e-commerce ‘mada’ services will enable merchants of ‘pre-authorisation/capture’ transactions. Through this service, HyperPay merchants can now place a hold on a customer's card for a specified amount upon completing a purchase online using their ‘mada’ card, merchants can now deduct the amount (captured) upon confirming the availability of the service or product. 
 
The required technology permit was received from Saudi Payments, an organisation that operates entirely under the supervision of The Saudi Central Bank. Activating new e-commerce ‘mada’ services will address the needs of local e-commerce merchants.
 
‘HyperPay’ merchants using the new e-commerce ‘mada’ service can now securely save customers’ card information, facilitated by HyperPay, which allows the ‘mada’ card holder to register the card's data for the purpose of future use without the need to enter the data again on the merchant’s website or mobile app, which will enable the merchant to receive payments quickly and securely. 
 
In addition to the previous series of services, the payment gateway ‘HyperPay’ provides periodic and/or recurring payment services that enable subscription-based merchants to automate the recurring billing process.
 
Muhannad Ebwini, CEO at HyperPay said: "The e-commerce sector in the Middle East and North Africa region has experienced continuous unprecedented growth, coinciding with the increasing demand from consumers for fast, secure and enhanced electronic payment options especially during the pandemic.” 
 
“The Saudi market is witnessing a significant growth in e-commerce, as the value of e-commerce sales via ‘mada’ cards in the Saudi market jumped during the third quarter of this year by 89% on an annual basis. We aim to be one of the primary and first contributors to this transformative development."
 
HyperPay has proven to be a trusted payment service provider, with quick response to the changing needs of partners. It currently works with over 2,000 local Saudi merchants and will increase its presence in KSA to unlock the full potential of fast and secure online payment acceptance.-- TradeArabia News Service