barq, an innovative Saudi financial services startup, has recently announced its partnership with Mastercard to empower its customers with a range of industry-leading payment acceptance solutions through Mastercard Gateway.
In line with Vision 2030, the partnership will contribute to the digital transformation of financial services in Saudi Arabia. Moreover, it will respond to the growing demand for financial transactions between people and businesses in different countries.
Streamlined payment processing
The strategic agreement will allow barq to leverage Mastercard Gateway technology to further equip its merchants and consumers around Saudi Arabia with greater access to a wide range of value-added services, and responsive, personalized solutions that cater to their unique needs and preferences.
“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,” stated Ahmed Alenazi, executive and founder.
In addition, the partnership will enable barq to expand its service offering, utilizing Mastercard Gateway’s seamless payment processing and robust fraud prevention technology to deliver greater convenience, speed, and added peace of mind.
Read: Saudi Central bank confirms Q4 2024 as launch period for ‘Samsung Pay’ service in Kingdom
Fraud prevention technology
Mastercard Gateway offers advanced payment processing and fraud prevention technology to acquiring banks, merchants, micro-merchants, and technology partners. It also provides its partners with the reach, security and innovation to compete in the world of digital payments.
“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,” stated Maria Parpou, EVP payment gateway, Mastercard.
Some of the value-added services available via Mastercard Gateway include membership and automatic payments, subscriptions, bills, instalments, and multiple other business flows that require payments at regular intervals without the payer’s presence on the website or app.
“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,” Parpou added.
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