Saudi financial services startup barq announced a strategic partnership with Mastercard on Friday that will enhance its payment acceptance solutions.
The firm explained in a press release that through Mastercard Gateway, barq will offer its customers a wider range of advanced payment options, including “seamless payment processing and robust fraud prevention technology.”
MasterCard states the agreement will see barq “further equip its merchants and consumers around the Kingdom with greater access to a wide range of value-added services,” with responsive and personalised solutions.
The partnership aligns with Saudi Arabia’s Vision 2030, which aims to transform the country. Specifically, Vision 2030 is a Saudi government program that aims to increase diversification economically, socially and culturally in the country.
By providing convenient and secure digital payment solutions, barq and Mastercard are looking to address the growing demand for cross-border transactions and online payments.
“At a time when Saudi businesses, citizens and residents are increasingly looking for ways to send money across the globe quickly and securely, we have partnered with Mastercard to deliver the modern offerings that consumers demand. Mastercard has developed a world-class range of cross-border services and remittances solutions,” said Ahmed Alenazi, Founder and CEO of barq.
Maria Parpou, EVP Payment Gateway at Mastercard, said: “We strive to play a key role in driving the growth and development of the Saudi fintech ecosystem, working closely with innovative companies such as barq.”
