Mastercard Announces Various Partnerships to Bolster Digitisation in MEA

As digitisation continues to evolve the financial industry in the Middle East and Africa region (MEA), global conglomerates are partnering with local companies to capitise on the booming market. Mastercard, the global paytech, is no exception, as it concludes a busy month of announcing new partnerships.

Partnering with One Global and i2c to provide tailored financial solutions

Mastercard, One Global and i2c have announced a partnership to provide tailored financial solutions that will enable the issuance of digital mobile wallets in the region. Through this partnership, banks, fintech, merchants and wallet providers can now offer consumers in the region easy access to cutting edge, digital-first payment solutions and services.

Amnah Ajmal, executive vice president, market development, Eastern Europe, Middle East and Africa (MEA) at Mastercard said: “Following the successful adoption of Mastercard Digital First solutions by many leading banks, we have introduced approaches that simplify integration for innovators like fintechs, merchants and neo banks. Making this possible are programs like Mastercard Fintech Express, through which we enable the ecosystem to partner more effectively. This announcement is an excellent example of collaboration to solve for speed, service and scale, while accelerating financial inclusion and innovation in the region.”

By working in partnership with Mastercard and i2c, One Global is fixing a process that is often siloed, time consuming and limiting for innovation. Mohammed Al Rashidi, founder and executive chairman of One Global said, “This collaboration reduces integration time significantly and makes the engagement process simpler for payment innovators. Today, they must search for a BIN Sponsor, an issuer-processor, a network partner, and much more. We bring this engagement into a single window with three interventions.

“The One Global Og Stack enables banking-as-a-service for startups, fintechs, mega merchants and banks. As a principal Mastercard license holder in Bahrain, One Global offers its own BIN sponsorship capabilities. Through our partnership with i2c, we take care of various possible issuing processing needs. Together, we are well placed to meet rising consumer demands,” Al Rashidi continued.

The One Global Og Stack is the world’s first digital transformation and innovation-driven platform that enables new ideas to reach global markets and brings them together with incubators, investors, venture capitalists and various business clients with a single integrated SDK that connects both startups’ innovations and Enterprises’ omni channels.

Kevin Fox, global head of sales of i2c Inc., said, “i2c’s tech stack is an agile offering that enables various use cases from commercial to personal, from end-to-end, including digital-first payment methods such as contactless payments. We recognise the intrinsic benefits of partnering with mobile channel technology partners and networks. The market has a specific need for this kind of offering, and the demand is very visible. Fintech companies are facing challenges when it comes to engaging the ecosystem needed to launch their digital banking services, so this alliance will offer a quick, sustainable, and resilient resolution to those challenges.”

Partnering with HyperPay to expand digital payment rails across across MEA

A few days after the announcement of Mastercard’s partnership with One Global and i2c was announced, the global paytech revealed another partnership, this time with Saudi Arabia-based HyperPay, the e-commerce payments services provider in MENA, to drive the adoption of digital payment solutions across the 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. 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 so 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. 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.”

Muhannad Ebwini, founder and CEO of HyperPay, said, “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. E-commerce 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.”

Mastercard’s Economic Outlook 2022 estimated that 20 per cent of the digital shift in retail would stay put. Furthermore, recent studies from Mastercard showed that 61 per cent of MENA consumers say they would avoid businesses that do not accept electronic payments of any kind.

Mastercard, along with its fintech partners, continues to support the digital payments and virtual banking ecosystems across the region. This is part of Mastercard’s broader multi-rail strategy to support payment innovation in the region across all digital payment rails, enabling people and organisations to send and receive money how, where, and when they choose, across both card and account-to-account payments rails.

Since 2014, HyperPay is connected to the largest network of banks across Middle East and North Africa region and enabling internet businesses to accept and manage payments online, with more flexibility, security and ease.