MasterCard and Amazon Payment Services have announced a strategic partnership to accelerate digital payment adoption. This is specifically geared towards the Middle East and Africa, including key markets such as Egypt and South Africa. This collaboration aims to streamline and secure online transactions by integrating MasterCard Gateway, a single-point payment processing solution, into Amazon Payment Services across 40 regional markets.
Simplified and Secure Payments
By leveraging MasterCard Gateway, Amazon Payment Services will offer fast, secure, and convenient payment options to businesses and consumers alike. The integration enhances the payment process, allowing customers to complete transactions with ease. Additionally, MasterCard and Amazon have entered an innovation agreement to develop services like Secure Card on File, Click to Pay, and token authentication. These features will provide multi-rail checkout options for merchants while offering a better checkout experience for consumers.
Merchants using Amazon Payment Services, including Amazon’s online platforms in countries like Egypt, stand to benefit significantly from this partnership. As digital payments continue to grow in the region, businesses will enjoy more secure transactions and improved customer experiences.
This partnership also opens doors for potential collaborations with other organizations, such as telecommunications companies and governments. These efforts will help refine payment systems and improve transaction speed and security, creating a seamless experience for end-users.
Peter George, Managing Director of Amazon Payment Services for the Middle East & North Africa (MENA), emphasized that the integration of MasterCard Gateway simplifies the company’s operations and expands its reach as a digital payment provider. The advanced technology, connected to all major global acquirers, ensures that Amazon Payment Services can cater to a broad array of markets and merchants.
Digital Payment Growth in MENA
Despite slower adoption of digital payments in the Middle East and Africa compared to other regions, the market is poised for significant growth. The sector is expected to grow from $226.53 billion in 2024 to $380.86 billion by 2029, at an annual growth rate (CAGR) of 10.95%. This increase is driven by the rising use of smartphones, social media influence, and merchants’ efforts to bridge the gap between physical and digital shopping.
A study revealed that 95% of consumers in the Middle East and Africa are open to using emerging payment methods such as wearables, biometrics, and digital wallets. With 61% of consumers avoiding businesses that do not accept electronic payments, banks in the region have seen digital transaction volumes surge from 70% to 90% in just two years.
