Following this announcement, barq will be part of Alipay+’s international network. The move is part of the company’s unified electronic payments portal service, which includes over 35 digital wallets and banking apps worldwide.
Alipay+ is a mobile payment service from Ant International designed to expand the company’s presence outside China, allowing for cross-border payments. Alipay+ integrates various payment methods from different countries and regions, allowing users to purchase products and services using their local payment systems, while merchants benefit from a comprehensive global payment platform.
This collaboration paves the way for barq to facilitate travel and shopping experiences for its customers, which will contribute to improving tourism in Saudi Arabia. Its aim is to provide its clients with more benefits and solutions that will make cross-border payments faster, easier, more flexible, and secure.
The agreement is a part of barq’s efforts to expand its partnerships that support the development of its services and optimise financial transactions. This aligns with Saudi Arabia’s Vision 2030, which aims to develop the financial sector, especially with the rapid growth being witnessed in the fintech and digital payments sector in the Kingdom.
Saudi Vision 2030 is a government programme launched by Saudi Arabia which aims to achieve increased diversification economically, socially, and culturally. It was first announced on 25 April 2016 by the Saudi government.
The vision presents three pillars, to make the country the ‘heart of the Arab and Islamic worlds’, to become a global investment powerhouse, and to transform the country's location into a hub connecting Afro-Eurasia.
In 2024, barq partnered with Mastercard to offer its customers better payment acceptance solutions. This allowed barq to leverage Mastercard’s tech to provide merchants and customers across Saudi Arabia with a broader range of services, including personalised payment solutions tailored to their needs.
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