Saudi Arabia-based leading eCommerce payments services provider HyperPay has entered into a strategic partnership with the American multinational financial services corporation, Mastercard in order to expand digital payment rails across the Middle East and North Africa (MENA) region.
As part of the partnership, 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.
According to the company statement, “Mastercard’s multi-rail approach is about leading payment innovation across multiple payment rails, adding value and connecting information while enabling people and organizations to transact across any channel and to any endpoint.”
“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. 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.”
Furthermore, the collaboration will offer advanced new technologies so businesses, governments, and SMEs can move from cash-based payments to an improved, frictionless, and seamless ecosystem utilizing the innovative capabilities of both Mastercard and HyperPay.
Mr. Muhannad Ebwini, Founder and CEO of HyperPay said that, “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.”
“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,” Mr. Ebwini added.