barq, a Saudi financial services startup, has partnered with Mastercard (NYSE: MA) to empower its customers with a range of payment acceptance solutions through Mastercard Gateway.
The strategic agreement will see barq leverage Mastercard Gateway technology “to further equip its merchants and consumers around the Kingdom with greater access to a wide range of value-added services — responsive, personalized solutions that cater to their unique needs and preferences.”
The partnership will enable barq to expand its service offering, “utilizing Mastercard Gateway’s seamless payment processing and robust fraud prevention technology to deliver greater convenience, speed and added peace of mind.”
In line with Vision 2030, the partnership will “contribute to the digital transformation of financial services in Saudi Arabia, while responding to a growing demand for financial transactions between people and businesses in different countries.”
Mastercard Gateway offers advanced payment processing and fraud prevention technology “to acquiring banks, merchants, micro-merchants, and technology partners.”
It provides its partners with the reach, security and innovation “to compete in the world of digital payments.”
Some of the value-added services available via Mastercard Gateway “include membership and automatic payments, subscriptions, bills, instalments and many other business flows that require payments at regular intervals without the payer’s presence on the website or app.”
