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News

Mastercard partners with Loop

Friday 1 March 2024 15:32 CET | News

Mastercard has partnered with Loop, aiming to empower businesses and consumers in Saudi Arabia with access to advanced credit card offerings and innovative payment solutions. 

As per the official announcement, the partnership will see Loop expand its portfolio, and enhance its suite of products and services through leveraging Mastercard technology and expertise.  

Having signed an exclusive issuing agreement, Loop and Mastercard's partnership intends to issue BIN ranges, enabling consumers, merchants, and fintechs across Saudi Arabia to benefit from innovative payment solutions.

Mastercard has partnered with Loop, aiming to empower businesses and consumers in Saudi Arabia with access to advanced credit card offerings and innovative payment solutions.

The press release continues to state that partnering with Mastercard and leveraging the company’s technology will enable Loop to effect positive change by developing financial solutions that empower customers to accomplish their goals.  

Fully aligned with the goals of Vision 2030, the partnership will drive greater fintech enablement across the country, transforming the Saudi digital economy. 

Together, both entities will introduce a selection of propositions to Saudi Arabia's growing community of SMEs and fintechs, enabling them to meet the demands of a rapidly evolving global economy.   

Mastercard and its other recent partnerships 

Mastercard partnered with MTN Group Fintech to provide Africans and businesses with digital tools to transact through secure mobile payments. The agreement builds upon the investment by Mastercard and MTN Group Fintech, the digital financial services division of Africa's largest mobile network operator. According to the official press release, the partnership will impact 13 African markets, including Benin, Cameroon, Cote d’Ivoire, Eswatini, Ghana, Liberia, Nigeria, Republic of Congo, Republic of Guinea, Rwanda, South Africa, Uganda, and Zambia. 

Hong Kong-based Octopus also partnered with Mastercard to improve the payments experience for Hong Kong travellers. This partnership introduced a simplified process for Mastercard cardholders to top-up their Mobile Octopus through the Octopus App for Tourists, available on iPhone or Apple Watch devices. By using Mastercard as the payment option, travellers would be able to access Octopus contactless payments at over 180,000 acceptance points throughout the city, spanning various activities such as transportation, dining, entertainment, and shopping.

More: Link


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Keywords: partnership, credit access, payments , financial services, credit card
Categories: Payments & Commerce
Companies: Loop, Mastercard
Countries: Saudi Arabia
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Payments & Commerce

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