In a strategic move towards advancing digital payments in the Middle East, Mastercard Incorporated (NYSE:MA) has joined forces with stc pay, a prominent Bahrain-based digital financial services provider. The collaboration aims to streamline card payments and elevate the digital payments landscape in Bahrain.
The partnership leverages the combined expertise of Mastercard and stc pay to introduce a diverse range of features and value-added benefits for stc pay subscribers. These enhancements are expected to bring increased security and efficiency to everyday digital transactions. Additionally, Mastercard will empower stc pay to launch card offerings that align with evolving consumer expectations.
This initiative by Mastercard reflects its commitment to driving greater digitization within Bahrain’s communities and expanding its presence nationwide. stc pay, with its extensive reach in the Kingdom of Saudi Arabia, offering local and international transfers, prepaid cards, bill payments, and more, is positioned as an ideal partner to support Mastercard’s goals. Notably, stc pay’s services play a crucial role in meeting the financial needs of the unbanked population, aligning with Mastercard’s shared mission.
Simultaneously, alongside the stc pay collaboration, Mastercard has also entered into an issuing partnership with tiqmo, another digital financial services provider in the Middle East. tiqmo, a leading digital wallet, focuses on establishing a secure digital payments ecosystem in the financial services and marketplace of the Middle East and North Africa.
Mastercard will extend its top-notch solutions, including Cross-Border Payment services and tokenization, to tiqmo, facilitating the development of an advanced digital product and services suite for the wallet’s users across the Kingdom. The adoption of Mastercard’s solutions is expected to boost its value-added services and solutions revenue stream, which witnessed a year-over-year increase of 17.2% in the first nine months of 2023.
With a robust digital suite cultivated through strategic partnerships and significant investments, Mastercard stands out as a preferred choice for financial service providers aiming to drive digitization globally. The collaborations with stc pay and tiqmo underscore Mastercard’s objective to tap into the growth potential of the digitally thriving Middle East region, driven by increased internet penetration and widespread smartphone usage.
Mastercard’s shares have demonstrated a commendable 14.4% growth in the past year, surpassing the industry’s 13.1% growth.
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Author Stephanie Bédard-Châteauneuf 
