Mastercard to Provide Payment Processing to Saudi Startup Barq
Saudi financial services startup barq will leverage Mastercard Gateway technology to expand the range of payment acceptance solutions it offers to merchants and consumers.
The startup’s partnership with Mastercard will enable it to deliver additional offerings to Saudi businesses, citizens and residents who are increasingly looking for cross-border services and remittance solutions, the companies said in a Friday (Sept. 6) press release.
Mastercard Gateway delivers payment processing and fraud prevention technology to acquiring banks, merchants and technology partners, according to the release.
The value-added services it offers include membership and automatic payments, subscriptions, bills and installments, per the release.
Saudi authorities have placed the creation of a thriving FinTech ecosystem high up on their list of development goals, making it a key component of the country’s “Vision 2030” economic strategy, PYMNTS reported in 2022.
In another recent effort inspired by that strategy, shopping/financial services app Tabby said Tuesday (Sept. 3) that it is acquiring Saudi digital wallet Tweeq, adding that the deal will let Tweeq continue to operate independently, while allowing Tabby to continue expanding its financial products suite to include features like digital spending accounts, cards and money management tools.
“The agreement is a significant step towards realizing the goals of Saudi Vision 2030, contributing to the expansion of digital financial services,” the companies said in a news release.
In February, Mastercard partnered with Loop, a digital payments technology company licensed by the Saudi Central Bank, to launch credit card and payment solutions in Saudi Arabia. In that collaboration, Loop will use Mastercard’s technology and expertise to enhance its products and services.
The companies said that by delivering these new offerings to both consumers and businesses, they intend to contribute to the advancement of Vision 2030.
In August 2023, Qarar, a leading data analytics and credit decisioning company in the Middle East, partnered with Biz2X, a global FinTech technology and financing provider, to launch a cloud-based lending platform for small- to medium-sized businesses (SMBs) in Saudi Arabia.
The companies said their joint venture aligns with the Saudi Vision 2030, which aims to expand the SMB sector to 22% of gross domestic product (GDP), up from the 9% share the sector accounted for at the time.
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