Mastercard, a leading technology company in the payments industry, has signed a multi-year commercial partnership agreement with Amazon Payment Services.
The partnership aims to digitize payment acceptance in Middle East and African region, across countries including Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, South Africa and UAE.
Under collaboration, the leading payment service provider (PSP) will integrate Mastercard Gateway, enabling seamless and secure payment solution across 40 markets in the region. Aligning with the surge in digital payments, the partnership will benefit a vast number of Amazon Payment Services merchants, including Amazon online stores for shoppers across the UAE and Egypt.
Additionally, it will pave the way for building synergies with telecom companies and government entities to enhance their checkout options, driving a faster and more secure transaction rate for their customers.
Mastercard Payment Industry Insights Index revealed that 95 percent of the consumers in the Middle East and Africa are embracing the evolving payment methods, such as wearables, biometrics, digital wallets, QR codes, and contactless payments.
Additionally, 61 percent of consumers would avoid businesses that do not offer electronic payments, while regional banks that have migrated to digital channels have also witnessed a significant surge from 70 percent to 90 percent over the course of approximately two years.
Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard, commented that, “We are proud to partner with Amazon Payment Services to scale payment acceptance and accelerate digitization of payments with innovation solutions”
Furthermore, the two organizations have signed an innovation agreement to develop pioneering solutions such as Secure Card on File, Click to Pay, and token authentication services to provide multi-rail checkout options to merchants, and a faster checkout experience to end customers.
Peter George Managing Director – Amazon Payment Services, Middle East & North Africa,
“We are delighted to strengthen our collaboration with Mastercard, to deliver on our common goal of shaping the future of online payments in the region. Implementing Mastercard Gateway will empower us to expand our reach as a PSP and reduce the burden of integration, since the advanced technology solution is connected to all major acquirers around the world.”
Mastercard Gateway is a trusted solution that offers global payment acceptance, secure market expansion while ensuring the protection from risk and fraud. Powered by frictionless digital checkout solutions, it eliminates the need for manual card and password entry for online shoppers.
As a leading gateway in the region that is widely used in the financial space, it enables its partners to accept a diverse array of digital transactions. This includes all leading card brands and non-card payment options.
Amazon Payment Services continues to enable online payments in MENA, serving over 4,000 merchants and businesses across the region. The services are available for businesses in the United Arab Emirates, Saudi Arabia, Egypt, Jordan, Lebanon, Qatar, Kuwait, Oman and Bahrain.
