2024-09-30 | Mastercard and Amazon payment services will enable digital payment acceptance in the Middle East and Africa | NYSE: MA

• The payment service provider will adopt the Mastercard gateway to support fast, seamless and secure transactions across the region
• The partnership covers key countries including Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, South Africa and the United Arab Emirates
• Both partners will also co-create innovative multi-rail payment solutions for customers

Mastercard and Amazon Payment Services have signed a multi-year commercial partnership agreement to digitize payment acceptance in the Middle East and Africa, in various countries including Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, South Africa and the United Arab Emirates .

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As part of the collaboration, the leading payment service provider (PSP) will implement Mastercard Gateway – a single point of contact for payment processing – as a payment solution available in 40 markets in the region. Integrating the solution will enable merchants to offer customers fast, hassle-free and secure transactions, as well as convenient payment options.

As digital payments continue to grow rapidly, the partnership will benefit thousands of Amazon Payment Services sellers, including Amazon online stores for customers in the UAE and Egypt. Additionally, it will open new opportunities to build synergies with entities such as telecommunications companies and governments to improve their checkout options, providing customers with faster and more secure transactions.

According to the Mastercard Payment Industry Insights Index, 95% of consumers in the Middle East and Africa are considering using new payment methods such as wearables, biometric devices, digital wallets, QR codes and contactless payments. Additionally, 61% of consumers would avoid businesses that do not accept electronic payments, while banks in the region that have switched to digital channels have also seen their share of digital transactions increase from 70% to 90% in about two years.

“We are proud to partner with Amazon Payment Services to scale payment acceptance and accelerate payment digitization through innovative solutions.” he said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.

The two organizations have also signed an innovation agreement to develop Secure Card on File, Click to Pay and Token Authentication services to provide merchants with a multi-rail checkout option and faster checkout for end customers.

Peter George, managing director of Amazon Payment Services for the Middle East and North Africa, commented: “We are delighted to strengthen our partnership with Mastercard to achieve our shared goal of shaping the future of online payments in the region. Implementing Mastercard Gateway will enable us to expand our reach as a payment service provider and reduce the integration burden as the advanced technology solution is connected to all major acquirers around the world.”

Mastercard Gateway is a trusted single-connection solution that helps customers accept payments around the world and easily enter new markets, while protecting them from risk and fraud. Powered by seamless digital checkout solutions, it eliminates the need for manual card and password entry for online shoppers. As one of the largest gateways in the region and used by many players in the financial space, it enables its partners to accept a wide range of digital transactions, including all leading card brands and non-card payment options.

Amazon Payment Services continues to enable online payments in the MENA region, serving over 4,000 merchants and businesses across the region. The company’s services are available to companies in the United Arab Emirates, Saudi Arabia, Egypt, Jordan, Lebanon, Qatar, Kuwait, Oman and Bahrain.

Source: AETOSWire

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