23 November 2024, Sat |
3:26 AM
Mastercard has unveiled a state-of-the-art technology infrastructure in Saudi Arabia designed to enable local processing of e-commerce transactions. This initiative aims to deliver a seamless and secure payment experience for both Mastercard partners and consumers, further accelerating the Kingdom’s digital commerce landscape.
Under the patronage of The Saudi Central Bank (SAMA), this local establishment of Mastercard Gateway signifies the company’s commitment to supporting Saudi Arabia’s digital transformation, economic diversification, and innovation. By expanding its footprint in the region, Mastercard is positioning itself as a trusted technology partner and enabler of the Kingdom’s digital economy and future aspirations.
Mastercard Gateway serves as a single touchpoint for payment and digital acceptance solutions across new and existing markets. Merchants benefit from support for over 30 different payment methods, coupled with risk management solutions such as fraud detection and prevention. Consumers, in turn, enjoy enhanced security measures against cybercrime.
This innovative infrastructure, complete with customized applications and services, will facilitate the efficient and secure processing of local e-commerce transactions.
“As a company that powers economies and empowers people, we recognize the necessity of a world-class payment infrastructure. We take pride in our long-standing legacy in the Kingdom, and the launch of our secure technology infrastructure marks a significant milestone in our commitment to digitization and diversification. We will continue collaborating with local leadership to advance the payments ecosystem in Saudi Arabia, empowering its people and businesses,” stated Adam Jones, Division President, West Arabia at Mastercard.
Aligned with Saudi Vision 2030, this project aims to establish stronger payment platforms and ecosystems, driving digital transformation and strengthening the national economy through locally relevant technology.
Mastercard’s long-term commitment to the Kingdom has resulted in substantial growth in digital payment acceptance. By providing secure payment options for consumers and businesses, Mastercard is enhancing the financial ecosystem through innovative solutions in fintech, cybersecurity, retail, and e-commerce.
In 2023, Mastercard Gateway processed over 950 million payments in Saudi Arabia across all payment methods, supporting the ongoing growth of digital commerce. With access to a global network of more than 200 acquirers and over 500,000 merchants, Mastercard Gateway ensures continuous innovation and more than 110 million acceptance locations.
As commerce evolves, the need for digitization is crucial for communities to thrive in today’s interconnected and rapidly changing world. Through investments in resilient financial systems, diverse fintech solutions, local and regional partnerships, and a commitment to financial inclusion, Mastercard is shaping the future of digital payments in Saudi Arabia.
