Mastercard has announced a strategic partnership with Saudi Arabia’s HyperPay, an e-commerce payment services provider, to boost the adoption of digital payment solutions in the Middle East and North Africa. The collaboration aims to help businesses, governments and SMEs across the region move from cash to digital. As part of the deal, Mastercard has also invested in HyperPay, leading a $40 million funding round. The Saudi Arabian firm says the funds will be used to enhance its product capabilities and identify new technologies. It will also aid HyperPay’s regional expansion efforts, particularly in Egypt, Qatar, and Oman.
Since its launch in 2014, HyperPay says it has enabled the region’s banks and digital businesses to accept and manage online payments “with more flexibility, security and ease”. Growing the payment ecosystem is crucial for the development of a robust digital economy that is more inclusive for all. Mastercard says this partnership is part of a “broader strategy to support payment innovation in the region, enabling people and organizations to send and receive money how, where, and when they choose”.