barq signs agreement with Mastercard to provide businesses with advanced payment acceptance technology

barq, an innovative financial services startup in Saudi Arabia, has partnered with Mastercard to provide its customers with a range of industry-leading payment acceptance solutions through Mastercard Gateway.

The strategic agreement will see barq leverage Mastercard Gateway technology to provide its merchants and consumers across the Kingdom with a broader range of value-added services: responsive, personalized solutions that address their unique needs and preferences.

This partnership will enable barq to expand its services and leverage Mastercard Gateway’s seamless payment processing and robust fraud prevention technology, providing greater convenience, speed and added peace of mind.

“This is an exciting moment in history, both for the Kingdom and the broader financial services industry,” said Ahmed Alenazi Executive & Founder. “At a time when Saudi businesses, citizens and residents are increasingly looking for ways to quickly and securely move money around the world, we have partnered with Mastercard to deliver the modern offerings that consumers demand. Mastercard has developed a best-in-class range of cross-border money transfer services and solutions, and we look forward to working closely with the technology company to provide seamless access to these tools for the people and communities we serve.”

“At Mastercard, we are proud to be the partner of choice for the Kingdom as it advances on its transformation journey,” said Maria Parpou, EVP Payment Gateway, Mastercard. “We are committed to playing a key role in driving the growth and development of the Saudi fintech ecosystem by working closely with innovative companies like barq. Together, we aim to redefine financial services by curating a comprehensive portfolio of best-in-class offerings that empower people and businesses to pay the way they want.”

In line with Vision 2030, the partnership will contribute to the digital transformation of financial services in Saudi Arabia while addressing the growing demand for financial transactions between people and businesses across countries.

Mastercard Gateway provides advanced payment processing and fraud prevention technology to acquiring banks, merchants, micro-merchants and technology partners, giving its partners the reach, security and innovation to compete in the world of digital payments.

Some of the value-added services available through Mastercard Gateway include membership and automatic payments, subscriptions, bills, installments and many other business processes that require payments at regular intervals, without the payer being present on the website or app.