Mastercard โคand HyperPayโข Forge Partnership to Accelerate Digital โคPayments in Saudi Arabia
RIYADH, โขSA – Septemberโข 18, 2024 -โข Mastercard โand HyperPay, โa leading payment solutions provider in โขthe Middle โขEast and north Africa (MENA) region, have announced a strategic โคpartnership aimed at bolstering digitalโ payment infrastructure and innovation within โคSaudi Arabia.The collaboration will โfocus on enhancing payment acceptance capabilities for businesses of all โsizes and driving financial inclusion in line withโข Saudi Vision 2030.
The partnership arrives as Saudiโ Arabia rapidly prioritizes โdigital โchange and financial inclusion,โฃ fueled byโ government-backed initiatives like faster payment systems and support for FinTech startups. A recent study,”Global Moneyโ Movement: โsaudi Arabia Edition,” highlighted โthe nation’s โgrowing consumer โreadiness and enthusiasm for new payment technologies,positioning it as a potential โmodel for digital evolution across โtheโค Middle East. This collaboration seeks to capitalize on that momentum.
HyperPay will leverage Mastercard’s โฃglobal network and technology to expand its reach and offer enhanced payment solutions to merchants. The partnership will focus on enabling secure and โขseamless transactions,โค supporting the growth of e-commerce, and facilitating access to โขdigital financial services for a widerโค segment of the Saudi population. โข
Mastercardโฃ has been actively expanding its presence โขin the region through various partnerships, including collaborations with UAE-based supply โchainโ financing FinTech Fundbot โฃin โNovember, the Arab โขregional payment system Buna in November, and Saudi financial services startup โbarq in September 2024. โThese initiativesโ underscore mastercard’s commitment โto driving digitalโฃ payment innovation throughout the MENA region.
