barq, a Saudi financial services startup, has announced a
partnership with Mastercard. This agreement will allow barq to offer a range of
payment acceptance solutions through Mastercard Gateway.

The partnership aims
to provide merchants and consumers in Saudi Arabia with access to various
services that cater to their specific needs.

Mastercard Supports barq’s Expansion

barq plans to use Mastercard Gateway technology to enhance
its service offerings. The partnership is expected to improve convenience,
speed, and security for customers. This includes advanced payment processing
and fraud prevention features that will be integrated into barq’s platform.

“This represents an exciting point in history – both for the
Kingdom and the wider financial services industry,” said barq Executive &
Founder.

“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.”

barq signs agreement with Mastercard to empower businesses with advanced payment acceptance technology https://t.co/jZEAnT9q4T

— Saudi ICT Shopper News | صحيفة سعودي شوبر (@ssict) September 6, 2024

Meanwhile, barq
and TerraPay have formed a partnership to offer secure international money
transfer services, as reported by Finance
Magnates. Utilizing TerraPay’s global network, the collaboration aims to
expand barq’s financial services, enhancing its capabilities both domestically
and internationally. This follows barq’s recent licensing by the Saudi Central
Bank.

Supporting Vision 2030

The collaboration aligns with Saudi Arabia’s Vision 2030,
which focuses on the digital transformation of financial services. The
partnership also responds to the increasing demand for cross-border financial
transactions in the Kingdom.

Mastercard Gateway technology will be utilized to
support these developments, offering services such as automatic payments,
subscriptions, and instalments.

Maria Parpou, EVP Payment Gateway, Mastercard, commented:
“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. Together, we aim to redefine financial services, curating an expansive
portfolio of world-class offerings that empower people and businesses to make
payments as they please.”

This article was written by Tareq Sikder at www.financemagnates.com.

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