Mastercard and MDP form alliance for digital payments in MENA

Mastercard and MDP have announced a partnership to transform the payments landscape for banks and non-FIs in the Middle East and Africa region. This collaboration aims to revolutionize the way payments are processed and services are delivered, creating a more robust and efficient ecosystem for various stakeholders. Mastercard, renowned for its innovative payment solutions, joins forces with MDP, a company specializing in modern payment processing. This partnership will leverage Mastercard’s digital assets and white-label applications, integrating them with MDP’s extensive processing services. The synergy between the two companies aims to create a seamless and innovative payment processing hub, catering to the unique needs of the region. The primary reason behind this partnership is to transform MDP into a one-stop-shop for processing services. By combining Mastercard’s digital prowess with MDP’s processing capabilities, the alliance seeks to offer banks and non-FIs in the Middle East and Africa innovative solutions that are not only efficient but also cater to specific market segments. The collaboration is poised to redefine how digital payment solutions are offered, focusing on aspects such as youth banking, family banking, and digital lending. Mastercard, a pioneer in the global payments industry, brings its vast array of digital assets and applications to the table. These assets are designed to streamline and secure payment processes, making transactions smoother for both institutions and end-users. On the other hand, MDP, with its focus on modern payment processing, brings a fresh and dynamic approach to handling payment solutions. Their expertise lies in offering customized processing services that align with the evolving needs of the market. This partnership is set to offer a myriad of benefits to various stakeholders. It empowers financial institutions to rapidly introduce new products with minimal internal efforts. The collaboration enhances SME lending and consumer lending, including innovative Buy Now Pay Later (BNPL) schemes, while providing accessible credit options through mobile applications. Additionally, it explores cutting-edge areas like AI in health and fitness and sustainability initiatives. Fintech companies, in particular, stand to benefit significantly from this partnership. The collaboration promises a faster time to market, thanks to initiatives like Card-as-a-Service (CaaS) and sandbox capabilities. Non-FIs and telecommunication companies will also gain from the ability to offer white-label apps to their customers. This includes overcoming challenges such as BIN sponsorship, which will now be more accessible through the CaaS enablement program with MDP. Ahmed Nafie, CEO of MDP, emphasized the benefits of this collaboration, stating, “By bundling Mastercard’s digital assets with our products, we are offering issuer banks the ability to roll out new segment-focused solutions, like youth banking, family banking and digital lending. We are also empowering fintech, mobile network operators (MNOs) and the wider non-FIs segment companies to quickly get to the market by providing them with Mastercard’s unique propositions with the lightest touch from their side.” Gaurang Shah, Executive Vice President, Product and Engineering, Eastern Europe, Middle East and Africa, Mastercard, also shared his insights: “In line with our commitment to fuelling a strong digital economy in the Middle East and Africa, we are keen to harness the power of technology and partnerships to build a robust, seamless and secure payment infrastructure. Our collaboration with MDP will equip businesses with innovative payment solutions that allow them to participate in digital commerce and drive financial inclusion.”