Mastercard and barq collab to expand digital payment services in Saudi Arabia

Saudi fintech startup barq has announced a strategic partnership with Mastercard to expand its range of digital payment services across the country. By integrating Mastercard Gateway technology, barq aims to enhance payment acceptance solutions for both merchants and consumers. The partnership is expected to deliver increased convenience, speed, and security, as well as advanced fraud prevention features.

The collaboration aligns with Saudi Arabia’s Vision 2030, which seeks to drive the digital transformation of the country’s financial services sector. With growing demand for secure and efficient cross-border transactions, this partnership is positioned to address the evolving needs of businesses and individuals alike.

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

The agreement leverages Mastercard Gateway’s technology to offer services such as automatic payments, subscriptions, and instalments. Mastercard’s payment processing capabilities, combined with robust fraud prevention measures, are expected to enhance barq’s service offerings, providing greater security and ease of use for its customers.

“Mastercard has developed a world-class range of cross-border services and remittances solutions. We look forward to working closely with the technology company to empower the people and communities we serve with seamless access to these tools,” added Alenazi.

Maria Parpou, EVP Payment Gateway at Mastercard, commented on the partnership: “At Mastercard, we take pride in serving as a partner of choice to the kingdom as it continues to make strides on its journey of transformation. 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.”

With barq’s recent licensing by the Saudi Central Bank, this partnership with Mastercard further supports its expansion strategy, reinforcing its position in the Kingdom’s growing fintech sector.

barq has recently signed several agreements, including the partnership with TerraPay to extend its services to international money transfers. This collaboration will enable barq to leverage TerraPay’s global network, enhancing its capability to offer secure and efficient remittance services.

Additionally, barq has also entered into a strategic collaboration with Google Cloud Infrastructure to improve service quality and accelerate digital transformation. Saad Al-Muhanna and Badar Al-Madi, country manager of Google Cloud Saudi Arabia, inked the deal. An agreement was established with Arab National Bank to elevate service quality standards.

These agreements strengthen barq’s partnerships with various companies and digital payment providers, enabling it to effectively meet the increasing demand for innovative financial solutions.

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• Cross-border Transfers
• Fintech