Amazon Payment Services and Mastercard have partnered to improve digital payment acceptance in the Middle East and Africa. As consumer demand for digital payments grows, the partners aim to simplify and enhance online transactions in 40 markets, such as the UAE, Egypt, and South Africa.
The growing demand for digital payments drives companies to expand their payment options to improve customer satisfaction and reduce cart abandonment.
Under the partnership, Mastercard Gateway, a single-touchpoint payment processing solution through which merchants can provide fast, smooth, and secure transactions, will be adopted by Amazon Payment Services. Mastercard Gateway simplifies business payment acceptance by consolidating payment processing systems and preventing users from manually entering card or password information.
In addition, Mastercard and Amazon have entered into an innovation agreement to improve the digital payment environment further. The agreement also includes the development of new technologies like Secure Card on File, Click to Pay, and token authentication services. These features aim to make the payment experience of merchants and customers more secure and convenient.
Amazon Payment Services' Managing Director for the Middle East and North Africa, Peter George, said the partnership would enable Amazon to grow as a payment service provider (PSP) and ease the burden on merchants when integrating. Through elite payment technology, Mastercard is connected to significant acquirers worldwide, allowing merchants to accelerate into new markets and serve their global customers.
Mastercard’s Executive Vice President of Market Development, Amnah Ajmal, stressed that the collaboration will drive the digitization of payments in the region. This supports Mastercard’s wider effort to scale digital payment solutions and service the financial ecosystem across the Middle East and Africa.
Mastercard and Amazon are teaming up to cover consumers' increasing demand for digital payment options. According to research by PYMNTS Intelligence, 70 percent of consumers believe the availability of their preferred payment method is a major determining factor when choosing where to shop.
Furthermore, three-quarters of consumers prefer businesses that provide a broad range of payment options, and dissatisfaction with limited payment choices often results in cart abandonment in eCommerce environments.
Collaborating with Mastercard also opens the door to creating synergies with regional telecommunications companies and governments. Partnerships can improve checkout options, simplify transaction processes, and make payments more secure for users. As part of their growth strategies, both companies will support merchants in meeting consumer expectations and embracing modern payment solutions to fuel long-term business development.