Saudi Arabia’s FinTech horizon broadens with Mastercard-Geidea collaboration

Mastercard, a global pioneer in payment solutions, has joined hands with Geidea, the leading FinTech innovator in Saudi Arabia. The primary aim of this partnership is to broaden the access of consumers and businesses to world-class card and payment solutions.

The purpose behind this strategic alliance is to extend the range of services and products offered by Geidea through Mastercard’s established technology. The agreement allows Geidea to issue BIN ranges and facilitate consumers, merchants, and FinTechs across Saudi Arabia with cutting-edge payment solutions.

Mastercard, an American multinational financial services corporation, excels in processing payments between the banks of merchants and the card issuing banks or credit unions of the purchasers. On the other hand, Geidea is the largest FinTech company in Saudi Arabia and offers advanced digital and financial solutions, making commerce technology accessible, affordable and user-friendly for everyone.

The partnership seeks to expand both Mastercard and Geidea’s digital enablement ecosystems through diverse BIN Sponsorship offerings. This collaboration also underlines the commitment of both entities towards transforming Saudi Arabia into an innovation hub. Furthermore, the partnership is expected to boost FinTech enablement across Saudi Arabia and the MENA region, thereby strengthening their digital economies.

Additional information includes the fact that this recent partnership is not the first collaboration between Geidea and Mastercard. They previously launched a strategic agreement in 2021, enabling Geidea to accept Mastercard payments on its Tap-on-Phone solution in Saudi Arabia. This was the first such agreement in the Middle East and North Africa. Geidea was the first FinTech company to implement this contactless payment acceptance technology across the Kingdom.

Mastercard’s Country General Manager, MENA Central, Adam Jones, said, “At Mastercard we leverage technologies to modernise and deliver innovative solutions that unlock the true potential of inclusive growth and bring more people into the digital economy.

“Our multi-rail expertise and expanding suite of programs and services designed to enable the fintech ecosystem to build, launch and grow. Together with Geidea, we will empower consumers, merchants and fintechs to take full advantage of state-of-the-art payment solutions.”

Geidea’s Chief Strategy & Growth Officer, Laurent Dhaeyer, added, “As a company fully committed to making payments and commerce technology accessible, affordable and intuitive for everyone, we are delighted to have joined forces with Mastercard to empower Saudi merchants, FinTechs and the Kingdom’s startup community.

“In line with our work to support merchants of all types and sizes with the tools to start, manage and grow their business, our advanced card solutions will prime more local enterprises for success, enabling them to experience the full benefits of innovative payment solutions.”

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