Mastercard, the global payments technology leader, and Amazon Payment Services have announced a multi-year commercial partnership aimed at expanding digital payment acceptance across nine countries in the Middle East and Africa. The countries involved in this initiative include Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, South Africa, and the United Arab Emirates.
As part of the agreement, Amazon Payment Services will implement Mastercard Gateway, a single interface for payment processing that is available in 40 markets across the region. This technology allows merchants to accept a wide variety of digital transactions, including major card brands and alternative payment methods, while also incorporating features designed to protect businesses from risk and fraud.
Peter George, Managing Director of Amazon Payment Services for the Middle East & North Africa, stated, “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.”
Market Opportunity
This partnership comes at a time when digital payments are experiencing significant growth in the region. According to Mastercard’s Payment Industry Insights Index, 95% of consumers in the Middle East and Africa are considering the use of emerging payment methods, such as wearable devices, biometric authentication, digital wallets, QR codes, and contactless payments. Furthermore, 61% of consumers would avoid businesses that do not accept electronic payments, and banks that have transitioned to digital channels have seen the share of digital transactions increase from 70% to 90% over the past two years.
Under the agreement, Mastercard and Amazon Payment Services will collaborate on developing new payment solutions, including Secure Card on File, which allows merchants to securely store customer payment details, Click to Pay for a digital checkout option, and token authentication services. These solutions aim to provide merchants with multi-rail checkout options, enabling payments to be processed through various networks, thus offering customers a faster checkout experience.
Amnah Ajmal, Executive Vice President of Market Development for Eastern Europe, the Middle East, and Africa at Mastercard, commented, “We are proud to partner with Amazon Payment Services to scale payment acceptance and accelerate digitization of payments with innovative solutions.”
Impact on Merchants
The integration of Mastercard Gateway is expected to benefit thousands of merchants using Amazon Payment Services, including Amazon’s online stores in the UAE and Egypt. This implementation will allow these businesses to provide customers with faster, more seamless, and secure transaction options.
Moreover, the partnership opens opportunities for collaboration with telecommunications companies and government entities to enhance their checkout solutions, potentially leading to an increased rate of faster and more secure transactions for customers.
Amazon Payment Services currently supports over 4,000 merchants across the MENA region, with services available in the UAE, Saudi Arabia, Egypt, Jordan, Lebanon, Qatar, Kuwait, Oman, and Bahrain. George concluded, “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.”
