Mastercard has formed a strategic agreement with Saudi Arabia’s HyperPay, an e-commerce payment services provider, to help the Middle East and North Africa adopt digital payment solutions (MENA).
The partnership intends to assist enterprises, governments, and SMEs in the region in making the transition from cash to digital. Mastercard has also invested in HyperPay as part of the acquisition, leading a $40 million fundraising round.
The cash will be used to improve product capabilities and find new technologies, according to the Saudi Arabian company. It will also help HyperPay expand across the Middle East, particularly in Egypt, Qatar, and Oman.
HyperPay claims that since its introduction in 2014, it has enabled banks and digital businesses in the region to accept and manage online payments “with more flexibility, security, and ease.”
Dimitrios Dosis, Mastercard’s president for Eastern Europe, Middle East and Africa says: “Growing the payment ecosystem is crucial for the development of a robust digital economy that is more inclusive for all.”
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