Mastercard has signed a memorandum of understanding (MOU) with Ottu, a prominent fintech player in the Middle East region. This pioneering partnership is primarily focused on Ottu’s integration of Mastercard Gateway, enabling a range of local payment methods in Kuwait, Qatar, Bahrain, and Oman.
Mastercard Gateway offers advanced payment processing and fraud prevention technology to acquiring banks, merchants, micro-merchants, and technology partners. It provides its partners with the reach, security, and innovation to compete in the world of digital payments.
Ottu provides an Online Payments Management Solution (OPMS) designed to streamline online payments, crafted to optimize online payment processes for enterprises across a wide spectrum of industries. Ottu’s solution also seamlessly connects various online sales channels and payment methods, harnessing Ottu’s expertise in building an efficient ecosystem.
Through this partnership, Ottu merchants can tap into these local payment methods through a streamlined integration, thereby bridging the gap between international payment networks.
Talal AlAwadhi, CEO of Ottu, stated, “Our partnership with Mastercard Gateway is more than a strategic alliance. It’s a vision for integrating global technological might with regional transactional traditions, ensuring the Gulf’s payment ecosystem is robust and resonant with its users.”
Maria Parpou, Executive Vice President, Mastercard Gateway, said: “At Mastercard, we are committed to partnering with innovative fintech companies such as Ottu to bring advanced payment solutions to the region with the aim of fueling the growth of the digital economy. Mastercard Gateway offers a single connection to help local merchants accept payments globally, facilitating secure and seamless transactions that surpass customer expectations.”