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,” Ahmed Alenazi, barq CEO & Founder, commented.

“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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, subscriptions, and installments.

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.”