Mastercard, the tech leader in global payment delivery has reported about the tactical tie-up with Saudi Arabia-based HyperPay. HyperPay is responsible for the region’s growth in digital payments and analysts have termed the firm as the fastest growing in the MENA(the Middle East & North Africa) region.
With Mastercard’s involvement, HyperPay would be able to pursue and enhance the existing services. With the newly infused capital from Mastercard, HyperPay will be able to identify and promote new technologies and further strengthen its market position by offering a practical used approach to offerings. Mastercard’s payment module enables payments across multiple channels which in turn adds value to the users and organizations as well by allowing them to operate to any available endpoint.
Recommended: OPay and Mastercard Announce Strategic Partnership to Grow Cashless Ecosystem
The incorporation between Mastercard and HyperPay will help the users of the product to make the transition from cash-based operations to a more secure, seamless, and unified ecosystem that will benefit businesses, SMEs, and governments across the region.
Mastercard, President (Eastern Europe, Africa & Middle East) Dimitrios Dosis, stated that to develop a robust digital infrastructure, the payment ecosystem must be adequately developed and enhanced. The partnership with HyperPay will help consumers attain innovative, secure, and seamless payment gateways that will lessen the burden on cash transactions. With the advent of Mastercard in the region, HyperPay hopes that with the technological advancements both the firms will be able to leverage the true potential of the region and provide more efficient and streamlined products in the future.
Recommended: Mastercard Strengthens Cybersecurity Consulting Practice With New Cyber Front Threat Simulation Platform
Founder and CEO of Hyperpay, Muhannad Ebwini mentioned that the partnership with Mastercard will lead to new innovations and will result in offering a complete financial package to its customers. He stated that making new alliances with Mastercard will strengthen the company’s ability to deal with the challenges that users face when they try to incorporate the transition to the digital domain. With the boom in the eCommerce market, simplified payment solutions will help users attain the seamless experience with enhanced security that Mastercard is known for.
According to Mastercard’s Economic Outlook 2022, it is estimated that there will be a 20% increase in the digital domain in the retail world. Mastercard study exhibits that there are 61% of users across the MENA region have opinioned that businesses without digital interface would incur losses in the future.
Mastercard along with the fintech partners has encouraged and supported the digital payment ecosystem, across the globe. The vision is to enable every prospect to maximize exposure and accessibility to financial tools so that Mastercard’s digital multi-rail strategy is achieved. It hopes to attain a seamless experience in both cards as well as account transactions.
Recommended: New Mastercard Research on SMB Shows Key Technology Solutions That Are Removing Their Biggest Barriers
[To share your insights with us, please write to sghosh@martechseries.com]
