Mastercard partnered with Loop, a digital payments technology company licensed by the Saudi Central Bank, to launch credit card and payment solutions in Saudi Arabia.
Loop will use Mastercard’s technology and expertise to enhance its products and services, the companies said in a Thursday (Feb. 29) press release.
This will enable the company to deliver new financial solutions and boost financial inclusion in Saudi Arabia, Loop CEO Ali AlObaid said in the release.
“Partnering with Mastercard and leveraging the company’s technology will enable us to do that and more, contributing to the Kingdom’s prosperity,” AlObaid said.
The partnership aims to deliver the new offerings to both consumers and businesses, including small- to medium-sized businesses (SMBs) and FinTechs, according to the release.
In doing so, Loop and Mastercard intend to contribute to the advancement of Vision 2030, Saudi Arabia’s strategy for economic development, the release said.
“We work to empower our clients and partners with the tools to meet their targets and accomplish their goals,” Adam Jones, country general manager, MENA Central at Mastercard, said in the release. “We aim to enable Loop to do just that, catering to the needs of Saudi businesses and consumers with an innovative range of payment solutions.”
In another partnership, Mastercard and Pluto, a provider of financial corporate spend management solutions in the United Arab Emirates, teamed up in November to provide B2B payment solutions in the Gulf Cooperation Council region, including Saudi Arabia.
The collaboration will use Mastercard’s expertise in payment technology to enhance Pluto’s existing suite of solutions, providing Pluto’s clients with a wider range of efficient and secure payment options, the companies said at the time.
In July, Mastercard and travel agency Nirvana Travel and Tourism partnered to provide a payment solution to customers who book travel services in the UAE, Saudi Arabia, Egypt and Jordan.
The collaboration combines digital and contactless payment technology for consumer and business travel, while allowing corporate customers to also use integrated travel expense management solutions.
Nirvana’s group of companies is one of the UAE’s biggest domestic online travel and logistics service providers, with more than 70 branches worldwide.
