Mastercard & Loop to launch payment solutions in Saudi Arabia

By Delisha Fernandes

Mastercard has partnered with Loop, a digital payments technology company licensed by SAMA, to empower businesses and consumers across the Kingdom with greater access to advanced credit card offerings and innovative payment solutions.

The partnership will see Loop expand its portfolio and enhance its suite of products and services through leveraging Mastercard technology and expertise. Having signed an exclusive issuing agreement, Loop and Mastercard will partner to issue BIN ranges, enabling consumers, merchants and FinTechs across the Kingdom to benefit from innovative payment solutions.

“We believe financial inclusion is vital to powering social and economic reform in Saudi Arabia. Our goal is to play a leading role in effecting this positive change by pioneering financial solutions that empower our customers to accomplish their goals. Partnering with Mastercard and leveraging the company’s technology will enable us to do that and more, contributing to the Kingdom’s prosperity,” said, Ali AlObaid CEO, Loop.

The agreement also underlines both entities’ commitment to bolstering the Saudi FinTech ecosystem. Together, they will introduce a selection of novel propositions to the Kingdom’s growing community of SMEs and FinTechs, enabling them to meet the demands of a rapidly evolving global economy.

“Today, technology and innovation are the bedrocks of sustained success, particularly with businesses and financial institutions around the world being confronted with new and unprecedented challenges. We work to empower our clients and partners with the tools to meet their targets and accomplish their goals. We aim to enable Loop to do just that, catering to the needs of Saudi businesses and consumers with an innovative range of payment solutions,” said Adam Jones, Country General Manager, MENA Central, Mastercard.