Leading global technology companies in the payments industry Mastercard, and Amazon Payment Services have pooled resources in a partnership that is aimed at enhancing digital payment acceptance in the Middle East and Africa – specifically Egypt and South Africa.
As a crucial part of the collaboration, Amazon will adopt Mastercard Gateway as a payment solution that will be made available in 40 markets in the region. Mastercard Gateway is a single touchpoint for payment processing and its integration will make sure that merchants are able to offer fast, seamless, and secure transactions as well as convenient payment choices to customers.
As revealed in a statement, the two companies have also signed an innovation agreement to develop Secure Card on File, Click to Pay, and token authentication services to provide multi-rail checkout options to merchants, and a faster checkout experience to end customers.
Peter George, Managing Director, Amazon Payment Services, Middle East & North Africa stated: “We are delighted to strengthen our collaboration with Mastercard, to deliver on our common goal of shaping the future of online payments in the region. Implementing Mastercard Gateway will empower us to expand our reach as a PSP and reduce the burden of integration, since the advanced technology solution is connected to all major acquirers around the world.”
This sentiment is echoed by Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.
“We are proud to partner with Amazon Payment Services to scale payment acceptance and accelerate digitization of payments with innovation solutions,” He said.
The partnership is bound to open up new opportunities to collaborate with organisations such as telcos and governments to improve their checkout options, resulting in faster and more secure transactions for customers.
At the same time, merchants using Amazon Payment Services, including Amazon’s online stores in countries like Egypt, will benefit from this partnership amid the growth of digital payments.
According to the Mastercard Payment Industry Insights Index, 95% of consumers in the Middle East and Africa are considering using emerging payment methods, such as wearables, biometrics, digital wallets, QR codes, and contactless payments. Furthermore, a considerable 61% of consumers would avoid businesses that do not accept electronic payments, while banks in the region that have migrated to digital channels have also seen the share of digital transactions increase from 70% to 90% over the course of approximately two years.
Mastercard Gateway is a trusted solution that offers a single connection to help customers accept payments globally and expand into new markets with ease. At the same time, it is geared at protecting them from risk and fraud. Due to it being powered by frictionless digital checkout solutions, it removes the need for manual card and password entry for online shoppers.
As one of the largest gateways in the region that is utilized by many players in the financial space, it allows its partners to accept a wide range of digital transactions, including all leading card brands and non-card payment options.
