MyFatoorah aims to introduce a digital payment gateway platform powered by Mastercard Gateway for all merchants across the GCC region and the Middle East.
With Mastercard’s fraud prevention technology and payment processing combined with MyFatoorah’s tailored payment solutions, this collaboration aims to improve the region’s ecommerce landscape, enable higher conversion rates, optimise the online shopping experience, expand payment choices for customers and upgrade fraud prevention measures.
Through this collaboration, Mastercard intends to broaden its spectrum of payment solutions across the Middle East, reaching MyFatoorah’s clients from Egypt, GCC and Jordan. The company also strives to strengthen its digital payment acceptance network and enhance consumers’ daily experiences.
With the rise of mobile payments, the Middle East region notes a strong decline in cash used for in-store payments, according to the Global Payments Report. This aligns with the global growth of digital and mobile payments driven by banks, fintech, and governments.
Instead of cash, mobile payment emerges, with smartphone penetration reaching 80%-90% in the Middle East’s leading markets. According to Mastercard, 85% of consumers used a least one emerging mobile payment method in 2022, including mobile wallets, BNPL, biometrics, and payment-enabled wearable tech devices.
From the average population, younger generations of shoppers are more likely to utilise digital ways of payment, such as SMS payments, cards, digital money transfer apps and instant payment services. As comfort and security remain key in growing adoption, these behaviours are expected to continue.
In countries like the UAE, digital wallets are also increasingly popular, being the second most preferred ecommerce payment method after cards. E-wallets are set to become the main payment method by 2029.
For more information about Mastercard, please check out their detailed profile in our dedicated, industry-specific Company Database.
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