Mastercard and PAYFORT, a major Arab online payment service provider, have announced a strategic collaboration to introduce the next generation of payment solutions – enabled by Mastercard Payment Gateway Services.
Building on Mastercard’s proven approach to helping businesses create better online purchase experiences for their customers, the agreement will enable e-commerce merchants using PAYFORT’s online payment solution to provide shoppers with another layer of security, powered by Mastercard’s cutting-edge fraud-screening solutions.
Further, PAYFORT customers in the UAE will also benefit from Mastercard’s digital wallet solution, ‘Masterpass’, which delivers a simplified and secure shopping experience with an easier checkout process, while further underlining Mastercard’s innovation leadership. By storing consumers’ payment, billing and shipping information in one secure and convenient place, Masterpass makes online shopping safe and hassle-free.
Another step forward in Mastercard’s journey to achieving its vision of a ‘World Beyond Cash’, the agreement will also offer online shoppers the convenience to pay with their Mastercard cards at the time of delivery through Mobile Point-of-Sale (mPOS) solutions.
The online business industry in the Middle East and North Africa region is expected to reach $69 billion by 2020, according to PAYFORT State of Payments 2016. With this tremendous growth comes a greater need to make e-commerce transactions simpler, more secure and seamless for both merchants and consumers.
The collaboration reiterates Mastercard’s commitment to continuously investing in its network and technology to support the convergence of physical and digital payments, at a time when the payments industry in the region is undergoing a seismic shift in technological advances and consumer preferences. Leveraging on Mastercard’s industry-leading innovation capabilities, the agreement will enable PAYFORT to simplify the consumer experience at every stage of the payment journey.
Masterpass options will also be included in START, PAYFORT’s solution for SMEs. By meeting the security concerns of the online shoppers in the region, PAYFORT expects to see an increase in e-commerce, as more and more shoppers opt to shop online.
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