barq, an innovative Saudi financial services startup, has partnered with Mastercard to boost its clients with a range of industry-leading payment acceptance solutions through Mastercard Gateway.
According to Industry sources, this strategic agreement will overview barq leveraging the Mastercard Gateway technology to further manage its merchants and consumers around the Kingdom with greater access to a wide range of value-added services — responsive, personalized solutions that cater to their unique requirements and preferences.
“This represents an exciting point in history – both for the Kingdom and the wider financial services industry,” stated Ahmed Alenazi Executive & Founder. “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,” stated Maria Parpou, EVP 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.”
Industry sources further added that this partnership will permit barq for the expansion of its service offering, leveraging Mastercard Gateway’s seamless payment processing and robust fraud prevention technology to offer greater convenient, speed, and added peace of mind.
Industry sources further added that Mastercard Gateway offers advanced payment processing and fraud prevention technology to acquiring banks, merchants, micro-merchants, and technology partners. It offers its partners the reach, security, and innovation to compete in the world of digital payments.
Industry sources further confirmed that In line with Vision 2030, the partnership will aid in the digital transformation of financial services in Saudi Arabia, while responding to a constantly growing surge of financial transactions between people and businesses in various nations.
Industry sources also added that a few of the value-added services available via Mastercard Gateway comprise 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.
