barq, an innovative Saudi financial services startup, has entered into a partnership with Mastercard to expand its service offerings.
Under this partnership, barq will leverage Mastercard Gateway technology to provide its merchants and consumers around the Kingdom with enhanced access to a diverse range of value-added services. This includes responsive and personalized solutions that meet their unique needs and preferences.
By utilizing Mastercard Gateway’s seamless payment processing and advanced fraud prevention technology, barq will enhance its services and deliver a more convenient, rapid and secure experience.
Maria Parpou Executive Vice President – Mastercard Payment Gateway Services
“At Mastercard, we take pride in serving as a partner of choice to the Kingdom as it continues to make strides on its journey of transformation. We strive to play a key role in driving the growth and development of the Saudi fintech ecosystem, working closely with innovative companies such as barq. Together, we aim to redefine financial services, curating an expansive portfolio of world-class offerings that empower people and businesses to make payments as they please.”
Ahmed Alenazi, Founder and CEO of barq, commented that, “This represents an exciting point in history – both for the Kingdom and the wider financial services industry. At a time when Saudi businesses, citizens and residents are increasingly looking for ways to send money across the globe quickly and securely, we have partnered with Mastercard to deliver the modern offerings that consumers demand. Mastercard has developed a world-class range of cross-border services and remittances solutions. We look forward to working closely with the technology company to empower the people and communities we serve with seamless access to these tools.”
This falls in line with Saudi Vision 2030, the partnership will drive digital growth in the Kingdom’s financial sector, while responding to the surging demand for financial transactions between people and businesses in different countries.
Mastercard Gateway offers advanced payment processing and fraud prevention technology to acquiring banks, merchants, micro-merchants, and technology partners. By providing reach, security and innovation, Mastercard empowers its partners to compete in the world of digital payments.
Some of the value-added services accessible through Mastercard Gateway include membership and automatic payments, subscriptions, bills, instalments and many other business flows that need payments at regular intervals without the user’s presence on the website or app.
