Mastercard has announced a collaboration with HyperPay, a payment gateway provider in Middle East and North Africa (MENA), to support the digital transformation of commercial payments in Saudi Arabia.
The partnership will focus on issuing commercial cards in Saudi Arabia, with plans to extend to the UAE and Qatar.
The initiative aims to provide businesses, including SMEs, with secure and scalable payment solutions to improve expense management and operational efficiency.
HyperPay has also received approval for an Electronic Money Institute (EMI) license to further support the digitisation of SME payments.
“With thriving digital economies being built on the foundation of an innovative payments ecosystem, our collaboration with HyperPay aims to empower merchants, SMEs and the wider business community with commercial cards that safeguard their futures and foster economic growth,”
said Saud Swar, Country Manager for Saudi Arabia, Bahrain, Jordan and other Levant markets at Mastercard.
Muhannad Ebwini, Founder and Chief Executive Officer of HyperPay, added:
“Since 2022, we have worked closely with Mastercard to accelerate the digital transformation of the payments ecosystem in the region. Our latest collaboration marks another significant step forward on our collective journey towards regional growth.”
The commercial cards will be introduced first in Saudi Arabia before being rolled out in the UAE and Qatar.
Featured image credit: Mastercard
