Mastercard’s new infrastructure aims to support a secure digital payments ecosystem in the Kingdom
October 23, 2024, | RIYADH, SAUDI ARABIA - Mastercard announced the launch of world class technology infrastructure in Saudi Arabia that will enable the processing of ecommerce transactions locally, providing a seamless and secure payments experience for both Mastercard partners and consumers, supporting the acceleration of the Kingdom’s digital commerce.
As part of its efforts to empower the digital transformation, drive economic diversification and empower innovation in Saudi Arabia, and under the patronage of The Saudi Central Bank (SAMA), the local establishment of Mastercard Gateway widens the technology company’s footprint in the region and underlines Mastercard’s commitment 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 30+ different payment methods and risk management solutions such as fraud detection and prevention, while customers enjoy advanced, secure protection from cybercrime.
This innovative infrastructure asset bundled with tailor-made applications and services will enable the processing of local ecommerce transactions efficiently and securely.
“As a company that is powering economies and empowering people, we understand the importance of a world-class payment infrastructure. 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 digitization 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,” said Adam Jones, Division President, West Arabia at Mastercard.
In line with Saudi Vision 2030, the project has been launched to build stronger payment platforms and ecosystem, drive digital transformation, and strengthen the national economy through locally relevant technology.
Through its long-term commitment to the Kingdom, Mastercard has seen extensive growth in digital payments 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 more than 200 acquirers give 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.
As commerce evolves, embracing digitization becomes crucial for communities to thrive in the interconnected and rapidly changing world of today. With investments in resilient financial systems infrastructure, diverse fintech solutions, local and regional partnerships, and dedication to building financial inclusion, Mastercard is shaping the future of digital payments in Saudi Arabia.
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