Mastercard Incorporated (NYSE:MA) has joined forces with Warply, a fintech company with a burgeoning presence in the Middle East and North Africa (MENA) region. The collaboration, marked by a memorandum of understanding, builds on Warply’s participation in Mastercard Start Path, the global fintech enablement program launched by the tech giant in 2019.
This partnership is designed to adopt a collaborative approach, creating innovative solutions tailored to the diverse needs of government entities, large merchants, banks, and consumers in MENA countries, specifically Kuwait, Qatar, Oman, the UAE, and Pakistan. The focus is on introducing compelling card-related offers and seamless redemption experiences across both point-of-sale and ePOS systems.
The primary objective of this collaboration is to accelerate digitization across various sectors in the MENA region. Mastercard and Warply share a common goal of driving digital transformation, making this partnership timely. Warply’s deep understanding of the unique demands and opportunities in the MENA market positions it as a fitting collaborator for Mastercard to build a robust digital ecosystem in the region.
Strategic partnerships like this one provide Mastercard with a significant advantage in establishing a solid presence in the MENA region. It enables the company to enter new markets, expand its market share, and cultivate stronger connections with consumers. Through such collaborations, Mastercard strategically positions itself to leverage the promising growth prospects in the region, fueled by increased internet penetration and widespread smartphone usage.
Egypt is another focus for Mastercard’s efforts to create a more inclusive and digitally-enabled economic landscape. Recent collaborations with Egyptian banks Societe Arabe Internationale De Banque (saib) and Industrial Development Bank (IDB) reflect Mastercard’s active involvement in Egypt’s broader digital transformation journey. Mastercard’s commitment extends to supporting saib in introducing tokenized payments for secure and rapid transactions across various devices. The partnership with IDB aims to offer the bank’s customers an extensive and innovative portfolio, including credit, debit, and commercial card propositions.
Shares of Mastercard have demonstrated a 19.2% gain in the past year, outpacing the industry’s growth rate of 16.2%. As of now, MA holds a Hold rating, indicating a steady position in the market.
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