Mastercard and Saudi Arabia-based HyperPay teams up to offer advanced new technologies to enhance cash-based payments for businesses, governments and SMEs across Middle East and North Africa (MENA).

HyperPay is a ecommerce payments services provider offering services. The partnership is to expand digital payment rails across the Middle East and North Africa (MENA).

Mastercard will make a strategic investment in HyperPay to continue enhancing the delivery of its proven capabilities and identify new technologies that can be applied to practical use cases. Mastercard’s multi-rail approach is about leading payment innovation across multiple payment rails, adding value and connecting information, while enabling people and organisations to transact across any channel and to any end point.

The collaboration will offer advanced new technologies to help businesses, governments and SMEs can move from cash-based payments to an improved, frictionless, and seamless ecosystem utilising the innovative capabilities of both Mastercard and HyperPay.

Dimitrios Dosis, president, Eastern Europe, Middle East and Africa, Mastercard, said: “Growing the payment ecosystem is crucial for the development of a robust digital economy that is more inclusive for all. We are thrilled to enter this partnership with HyperPay as we work together to offer consumers access to innovative, seamless and secure payment solutions.”

Muhannad Ebwini, founder and CEO of HyperPay, said: “We are committed to fast-track our expansion beyond payments, to deliver a complete suite of financial products. We have dealt with the challenges businesses face when it comes to accepting digital payments and are building products that meet the evolving needs of our platform customers across 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.”

Source : gulfbusiness

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