Mastercard has introduced a new technology infrastructure in
Saudi Arabia to enable local processing of e-commerce transactions. According to
the firm, this system aims to provide secure and efficient payment services for
Mastercard partners and consumers. It also supports the Kingdom’s push for
digital commerce expansion.
SAMA Supports Mastercard Gateway Launch
Backed by the Saudi Central Bank (SAMA), the initiative
establishes Mastercard Gateway in the region. The platform facilitates digital
payment solutions and risk management tools for over 30 payment methods. This
includes fraud detection and prevention features for businesses, while
customers gain enhanced cybersecurity protection.
“As a company that is powering economies and empowering
people, we understand the importance of a world-class payment infrastructure,” said
Adam Jones, Division President, West Arabia at Mastercard.
“We are proud of our long legacy in the Kingdom and the
unveiling of our secure technology infrastructure in the Kingdom is a landmark
moment that reinforces our commitment to digitization and diversification,” he added. “We
will continue to work closely with local leadership to collaboratively fuel the
payments ecosystem in Saudi Arabia as we empower its people and businesses.”
Meanwhile, barq,
a financial services startup in Saudi Arabia, has partnered with Mastercard
to utilize Mastercard Gateway for payment acceptance solutions, as reported by Finance Magnates earlier.
This collaboration aims to provide merchants and consumers
with tailored services. barq will enhance its offerings using Mastercard
technology, improving convenience, speed, and security, and integrating fraud
prevention features.
Digital Payments Surge in Saudi Arabia
The local infrastructure aligns with Saudi Vision 2030,
which aims to brace the country’s digital economy and payment ecosystem.
Mastercard’s initiative also aims to promote innovation and economic
diversification. The company has noted increased adoption of digital payments
in the Kingdom, driven by secure and convenient payment options for businesses
and consumers.
Through Mastercard Gateway, merchants in Saudi Arabia will
access global markets via a network of more than 200 acquirers. The platform
also connects them to over 110 million acceptance locations worldwide. In 2023,
Mastercard Gateway processed over 950 million payments in Saudi Arabia.
This article was written by Tareq Sikder at www.financemagnates.com.
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