Riyadh, Saudi Arabia: Barq, an innovative financial services startup in Saudi Arabia, has entered into a strategic partnership with Mastercard to offer advanced payment solutions through the “Mastercard Gateway” platform.
This agreement allows Barq to leverage Mastercard Gateway’s advanced technologies, providing customers across the kingdom with a comprehensive suite of value-added services, tailored offers, and rapid response capabilities that align with modern market demands.
The partnership will significantly enhance Barq’s service offerings by utilizing Mastercard Gateway’s unique capabilities, including seamless payment processing and advanced fraud prevention technologies. This collaboration aims to offer customers increased convenience, speed, and security in their financial transactions.
Ahmed Al-Anzi, founder and CEO of Barq, stated, “This partnership marks a significant milestone in the development of the financial services sector in the kingdom.” He added, “With the growing need for fast and secure global money transfer solutions, we are proud to collaborate with Mastercard to deliver the advanced solutions our customers expect. Mastercard has succeeded in offering comprehensive cross-border services and financial transfer solutions, and we look forward to enhancing our cooperation to provide these innovative tools to the individuals and communities we serve.”
Maria Barbu, Executive Vice President of the “Payment Gateway” platform at Mastercard, commented, “Mastercard is eager to work as a preferred partner for the kingdom as it makes ambitious strides toward digital transformation. We are committed to playing a key role in driving the growth and development of the fintech ecosystem in the kingdom through our close collaboration with innovative companies like Barq. Our common goal is to redefine financial services and offer a comprehensive range of global solutions that enable individuals and businesses to make payments in ways that meet their aspirations and needs.”
In line with Saudi Vision 2030, this partnership represents a crucial step towards enhancing digital transformation efforts in the kingdom’s financial services sector, addressing the increasing demand for cross-border financial transactions between individuals and businesses.
The “Mastercard Gateway” is an integrated platform that combines the latest payment processing technologies and advanced fraud prevention solutions, enabling banks, financial institutions, merchants, small businesses, and technology partners to achieve higher levels of security and innovation. It also equips them to compete effectively in the rapidly evolving digital payments landscape.
Value-added services provided by the “Mastercard Gateway” include membership services, automatic payments, subscriptions, bill payments, installment plans, and other advanced solutions for businesses that require regular payments without the payer needing to be present on the website or application.
