Mastercard and barq partner on payment processing solutions

By Gloria Methri

barq, a Saudi financial services startup, has partnered with Mastercard to offer its customers a range of payment acceptance solutions through Mastercard Gateway.

The strategic agreement will see barq leverage Mastercard Gateway technology to equip its merchants and consumers around the Kingdom with greater access to a wide range of value-added services. This means responsive, personalised solutions that cater to their unique needs and preferences.

The partnership will enable barq to expand its service offering, utilising Mastercard Gateway’s seamless payment processing and robust fraud prevention technology to deliver greater convenience, speed and added peace of mind.

“This represents an exciting point in history – both for the Kingdom and the wider financial services industry,” said Ahmed Alenazi, Founder and CEO of barq. “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,” said Maria Parpou, EVP of 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.”

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.

Some of the value-added services available via Mastercard Gateway include membership and automatic payments, subscriptions, bills, instalments and many other business flows that require payments at regular intervals without the payer’s presence on the website or app.