Mastercard and Amazon Payment Services (APS) have signed a multi-year commercial partnership agreement to digitize payment acceptance in the Middle East and Africa, across countries including Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, South Africa, and UAE.
According to Industry sources, as part of this partnership, the leading payment service provider (PSP) will adopt Mastercard Gateway – a single touchpoint for payment processing – as a payment solution available in 40 markets in the region. The integration of the solution will enable merchants to offer fast, seamless, and secure transactions as well as convenient payment choices to customers.
Industry sources further confirmed that according to the Mastercard Payment Industry Insights Index, 95% of consumers in the Middle East and Africa are considering using emerging payment methods, such as wearables, biometrics, 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 migrated to digital channels have also seen the share of digital transactions increase from 70% to 90% over approximately two years.
“We are proud to partner with Amazon Payment Services to scale payment acceptance and accelerate digitization of payments with innovation solutions,” stated Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.
Peter George, Managing Director, Amazon Payment Services, Middle East & North Africa, commented: “We are delighted to strengthen our collaboration with Mastercard, to deliver on our common goal of shaping the future of online payments in the region. Implementing Mastercard Gateway will empower us to expand our reach as a PSP and reduce the burden of integration, since the advanced technology solution is connected to all major acquirers around the world.”
Industry sources further confirmed that in line with the rapid surge in digital payments, the partnership will benefit thousands of Amazon Payment Services merchants, which comprises Amazon online stores for shoppers across the UAE and Egypt. In addition, it will open latest opportunities for building synergies with entities such as telcos and governments to enhance their checkout options, driving a faster and more secure transaction rate for their customers.
Industry sources also further confirmed that the two organizations have also signed an innovation agreement to develop Secure Card on File, Click to Pay, and token authentication services to provide multi-rail checkout options to merchants, and a faster checkout experience to end customers.
Industry sources also confirmed that Mastercard Gateway is a trusted solution that offers a single connection to help customers accept payments globally and expand into new markets with ease while protecting them from risk and fraud. Powered by frictionless digital checkout solutions, it curbs the requirement for manual card and password entry for online shoppers.
Amazon Payment Services continues to enable online payments in MENA, supporting over 4,000 merchants and businesses across the region. The company’s services are available for businesses in the United Arab Emirates, Saudi Arabia, Egypt, Jordan, Lebanon, Qatar, Kuwait, Oman and Bahrain.
