Mastercard has entered into a partnership with HyperPay, a payment gateway provider in the Middle East and North Africa (MENA) region, to launch commercial card products in Saudi Arabia.
Following this introduction, there are plans to expand these offerings to the United Arab Emirates (UAE) and Qatar.
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The collaboration aims to enhance business payment services across the region by providing commercial card solutions tailored for companies and small to medium-sized enterprises (SMEs).
It also seeks to streamline expense management and enable more efficient transaction processing for businesses and merchants.
Mastercard Saudi Arabia, Bahrain, Jordan, and other Levant country manager Saud Swar said: “With thriving digital economies being built on the foundation of an innovative payments ecosystem, our collaboration with HyperPay aims to empower merchants, SMEs and the wider business community with game-changing commercial cards that safeguard their futures and foster economic growth.
“In Saudi Arabia, where 93% of SMEs are confident about the year ahead and 99% already accept digital payments, the timing could not be more pivotal.”
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By GlobalDataHyperPay recently obtained an Electronic Money Institution (EMI) licence, which is expected to assist in extending digital payment capabilities for SMEs.
HyperPay founder and CEO Muhannad Ebwini said: “Since 2022, we have worked closely with Mastercard to accelerate the digital transformation of the payments ecosystem in the region.
“Our latest collaboration marks another significant step forward on our collective journey towards regional growth, enabling merchants and enterprises to enhance business performance with a range of innovative payment solutions.”
Last week, Mastercard rolled out a new collection of artificial intelligence (AI)-driven tools and services specifically designed for developers.
In addition, the company broadened its consulting services to promote AI-enhanced payment solutions.
Mastercard is partnering with Stripe, Google, and Ant International’s Antom to improve automated transactions for digital merchants and platforms on a global scale.
Last month, Indian IT services provider Infosys partnered with Mastercard to simplify the way financial institutions access Mastercard’s suite of financial transaction services, known as Mastercard Move.
