Mastercard, a technology leader in the global payments industry, has announced a strategic partnership Saudi Arabia-based HyperPay, the fastest growing e-commerce payments services provider in the Middle East and North Africa (MENA), to drive the adoption of digital payment solutions across the region.
Mastercard will invest in HyperPay as part of this partnership to enhance its delivery capabilities and to identify new technologies that could be used to solve practical problems. Mastercard’s multi-rail approach is about leading payment innovation across multiple payment rails, adding value and connecting information, while enabling people and organizations to transact across any channel and to any endpoint.
The partnership will bring advanced technologies to businesses, governments, and SMEs so they can transition from cash-based payment systems to a more frictionless and seamless ecosystem that combines the innovative capabilities and strengths of Mastercard as well as HyperPay.
Dimitrios Dosis President, Eastern Europe Middle East and Africa Mastercard: “Growing the payment ecosystem is crucial for the development of a robust digital economy that is more inclusive for all. We are excited to announce this partnership with HyperPay. Together, we will offer consumers seamless, secure and innovative 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.”
Muhannad Ebwini is the founder and CEO of HyperPay. : “Forging strong partnerships has been part of our mission since day one and we are delighted to announce this collaboration with Mastercard. We have a commitment to accelerate our expansion beyond payment and to provide a complete range of financial products. We have successfully addressed the issues that businesses face when accepting digital payment and are now creating products that address the changing needs of all our customers in 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. Mastercard has also revealed that 61% of MENA’s consumers said they would avoid businesses that refuse to accept electronic payments.
Mastercard, along with its fintech partners, continues to support digital payments and virtual banking ecosystems in the region as a leader technology provider and enabler of digital first-use case. 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.
HyperPay has been connected to the largest network banks in the Middle East and North Africa region since 2014. This allows internet businesses to accept and handle payments online with greater flexibility and security.