Mastercard has made an undisclosed strategic investment in Saudi Arabia-based e-commerce payment service provider HyperPay, following a strategic alliance between the two companies.

HyperPay enables internet businesses to accept and manage payments online, with flexibility and security. The investment will support the firm to enhance the delivery of its capabilities and develop additional technologies for practical use cases.

As part of the tie-up, Mastercard and HyperPay will focus on expanding digital payment rails across the Middle East and North Africa (MENA) region.

The two companies will work together to offer advanced new technologies to businesses, governments and SMEs to drive cash-based payments to an improved, frictionless, and seamless ecosystem.

The move is in line with Mastercard’s multi-rail approach, which looks to drive payment innovation across multiple payment rails and allow individuals and organisations to transact across any channel and to any end point.

Mastercard Eastern Europe, Middle East and Africa president Dimitrios Dosis said: “Growing the payment ecosystem is crucial for the development of a robust digital economy that is more inclusive for all.

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“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.”

HyperPay founder and CEO Muhannad Ebwini added: “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.”

Recently, Mastercard struck a multi-year partnership deal with fintech payment firm Sokin to support the rollout of fixed-price payment services across new markets in the Middle East and Africa.