The partnership will enable Saudi fintech to process transactions via Mastercard Gateway
Riyadh, Saudi Arabia – 6 September 2024 – barq, an innovative Saudi financial services startup, has partnered with Mastercard to empower its customers with industry-leading payment acceptance solutions through Mastercard Gateway.
The strategic agreement will see barq leverage Mastercard Gateway technology to further equip its merchants and consumers around the Kingdom with greater access to a wide range of value-added services — responsive, personalised solutions that cater to their unique needs and preferences.
The partnership will enable Barq to expand its service offering, utilizing Mastercard Gateway’s seamless payment processing and robust fraud prevention technology to deliver greater convenience, speed, and peace of mind.
“This represents an exciting point in history – both for the Kingdom and the wider financial services industry,” said Ahmed Alenazi, Founder and CEO of barq. “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 remittance 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.”
“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,” said Maria Parpou, EVP of Payment Gateway, Mastercard. “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.”
In line with Vision 2030, the partnership will contribute to the digital transformation of financial services in Saudi Arabia while responding to a growing 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. It provides its partners the reach, security, and innovation to compete in digital payments.
Some value-added services available via Mastercard Gateway include membership and automatic payments, subscriptions, bills, installments, and many other business flows that require payments at regular intervals without the payer’s presence on the website or app.
