Mastercard Incorporated (NYSE:MA) has taken significant steps toward digitizing the payments landscape in the Middle East by partnering with key players in the region. In a recent collaboration with STC Pay, a leading Bahrain-based digital financial services provider, Mastercard aims to streamline card payments and elevate the digital payments ecosystem in Bahrain.
The partnership leverages the collective expertise of Mastercard and STC Pay to offer a diverse range of features and value-added benefits, ensuring attractive rewards for STC Pay subscribers. This collaboration is expected to enhance the security and efficiency of everyday digital payments. Furthermore, Mastercard will support STC pay in launching card offerings that align with the evolving expectations of consumers.
Mastercard’s initiative to drive increased digitization in Bahrain aligns with its broader goal of expanding its presence nationwide. The extensive reach of STC pay across the Kingdom of Saudi Arabia, offering local and international transfers, prepaid cards, bill payments, and more, positions it as an ideal partner to complement Mastercard’s efforts. Notably, STC Pay plays a crucial role in addressing the financial needs of the unbanked population, aligning with Mastercard’s shared mission.
Simultaneously, Mastercard announced an issuing partnership with Tiqmo, another digital financial services provider in the Middle East. Tiqmo, a leading digital wallet, is dedicated to building a secure digital payments ecosystem in the Middle East and North Africa’s financial services and marketplace. Mastercard will provide Tiqmo with its advanced solutions, including Cross-Border Payment services and tokenization, to enhance the digital product and services suite for wallet users across the region.
Mastercard’s strategic alliances with STC pay and Tiqmo aim to capture the growth prospects of the digitally thriving Middle East. The region’s increasing internet penetration and smartphone usage contribute to the overall digital growth, making it a focal point for Mastercard’s expansion efforts.
With an innovative digital suite cultivated through partnerships and substantial investments, Mastercard remains a preferred choice for financial service providers worldwide seeking to drive digitization. The company’s commitment to fostering growth in the Middle East is reflected in its strategic collaborations.
Shares of Mastercard have demonstrated a solid performance, gaining 14.4% in the past year, outpacing the industry’s growth of 13.1%. The company’s proactive approach to digital transformation positions it well to capitalize on the evolving financial landscape in the Middle East.
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