Mastercard and Amazon Join Forces to Digitize Payments Across 40 Markets

In a game changer for the world of payments, Mastercard announced a new partnership with Amazon Payment Services designed to bring digital payment acceptance capabilities to MEA. This strategic partnership will transform the way merchants in the region process transactions, saving time and providing more security with Mastercard Gateway, one of the most advanced new-generation payment processing systems. This partnership aims to serve more than 40 targeted markets in Egypt, the United Arab Emirates (UAE), and South Africa, among others in the MEA region, making them a force to reckon with when it comes to digital commerce.

Expanding Digital Payment Acceptance

The collaboration between Mastercard and Amazon Payment Services shows a growing trend toward digitisation in the payments industry and is especially relevant for regions with surging eCommerce. Based on our recent study, almost 95% of people across the MEA region feel they will use new form factors, including digital wallets, wearable tech and contactless payments. This partnership leverages the Mastercard Gateway solution, providing thousands of merchants with quick, convenient and secure transactions. These comprise a gamut of retailers and customers in high-growth countries, including UAE and Egypt, where digital transactions are rapidly occurring.

Furthermore, the partnership would bring in much more value via telco and government collaborations to grow the breadth of payment services for both businesses and consumers. By harnessing the power of Mastercard technology, retailers would have a single integration point to streamline payment operations and realize faster infrastructure synchronizations crosswise over various channels. This ease of use potentially enables greater transaction volumes and improves customer satisfaction, which is very important in today’s competitive eCommerce environment.

Innovation Driving Customer Experience

One of the essential components of a partnership is a commitment to innovation. Mastercard and Amazon Payment Services also agreed to develop new multi-rail payment solutions alongside digitizing payment acceptance. These are going to cover sophisticated attributes that incorporate token authentication, Secure Card on File, and Click to Pay services targeted at superior customer expertise. Our innovations will get rid of manual card entries and passwords, reducing the time it takes to go through a checkout and making it more efficient.

In line with wide-scale consumer demand for seamless transactions and more choice in the way they pay, as evidenced by trends around the world, For those shopping online, their preferred payment method is a key concern for 70% of consumers, according to a recent report. This quickly changing landscape puts Mastercard and Amazon at the lead by offering a broad range of safe yet convenient payment options.

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Additionally, the partnership will prioritize delivering more checkout options to merchants. Tokenisation — for card details, it is the way in which a consumer’s sensitive card information is shielded, and Click to Pay helps with repeat purchases by saving their preferred payment details for quicker checkouts next time. This not only increases security but also helps in giving return business and customer loyalty.

The Future of Payments in MEA

The partnership represents more than just the immediate value of enabling merchants to accept crypto-enabled payments. Amazon Payment Services partners with Mastercard to drive long-term growth for the MEA region’s digital economy. Building on Mastercard’s expertise in payment processing and Amazon’s digital presence and eCommerce experience, the alliance will further fuel the rapid rise of digital payments, facilitate digital versions of businesses to go online despite physical distance, and readily power financial inclusion.

The partnership is well-timed, and governments in the MEA region are increasingly advocating for digital transformation initiatives. Enabling even more of your everyday tasks. In addition to improving the payment experience, integrations with Mastercard Gateway provide Amazon Payment Services with an integral part of a broader initiative in modernising financial infrastructures. The businesses that are adopting digital payments are increasingly wanting to rely on plug-and-play solutions for moving money as well, and this will set the stage for that to be happening even more in turn taking hold faster.

Mastercard’s commitment to driving digital payment solutions in emerging markets is evident in this partnership. With a focus on security, innovation, and customer experience, the company is helping to shape the future of payments in one of the fastest-growing regions in the world.

Summing Up

The collaboration between Mastercard and Amazon Payment Services spills over into the digital commerce space in the Middle East and Africa. The combined capacities of the two will deliver an accelerated, secure experience with a smooth transaction for over 40 markets. By leveraging Mastercard Gateway, merchants in fast-growing markets such as Egypt and the UAE can deliver an enhanced payment experience that caters to today’s consumers. This partnership comes at the right time, as digital payments keep growing and shows how payments will be in the future for our region.

Following all, it is not only payments that MasterCard and Amazon are digitising but, furthermore, the innovation needed to bring a more secure, useful and inclusive electronic economy towards the MEA region.

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