Payments giant Mastercard has implemented new technology infrastructure in Saudi Arabia, enabling it to process e-commerce transactions locally.
Through this move, Mastercard aims to deliver a more secure payment experience for both Mastercard partners and consumers, while also supporting the acceleration of Saudi Arabia’s digital commerce.
In patronage with the Saudi Central Bank (SAMA), Mastercard is looking to empower digital transformation, drive economic diversification and empower innovation across the Kingdom of Saudi Arabia, in line with the Saudi Vision 2030.
“As a company that is powering economies and empowering people, we understand the importance of a world-class payment infrastructure,” explained Adam Jones, division president of West Arabia at Mastercard. “We are proud of our long legacy in the Kingdom and the unveiling of our secure technology infrastructure in the Kingdom is a landmark moment that reinforces our commitment to digitisation and diversification. We will continue to work closely with local leadership to collaboratively fuel the payments ecosystem in Saudi Arabia as we empower its people and businesses.”
The local establishment of Mastercard Gateway widens the technology company’s footprint in the region, with Mastercard committed to contributing its expertise as a trusted technology partner and enabler of Saudi Arabia’s digital economy and future goals.
Mastercard Gateway is a single touchpoint that powers payment and digital acceptance solutions across new and existing markets and channels, locally and globally. Merchants benefit from support for over 30 different payment methods and risk management solutions such as fraud detection and prevention, while customers enjoy advanced, secure protection from cybercrime.
Mastercard says that this infrastructure asset bundled with tailor-made applications and services will enable the processing of local e-commerce transactions efficiently and securely.
Backing growth across the Kingdom
Through its long-term commitment to the Kingdom, Mastercard has seen extensive growth in digital payment acceptance in Saudi Arabia by providing secure payment choices for consumers and businesses. The rapid evolution in payments is bolstering the financial ecosystem by providing innovative new solutions in fintech, cybersecurity, retail, and e-commerce.
Mastercard Gateway technology paired with the global network of over 200 acquirers gives over 500 thousand merchants access to ongoing innovation, and more than 110 million acceptance locations. In 2023, Mastercard Gateway processed more than 950 million payments in Saudi Arabia, across all payment methods, supporting the growth of digital commerce in the market.