Mastercard, a globally recognized leader in payment solutions, has entered into a strategic partnership with Geidea, the foremost FinTech innovator in Saudi Arabia. The primary objective of this partnership is to enhance consumer and business access to world-class card and payment solutions, aiming to revolutionize the financial landscape in the region.
Geidea, the largest FinTech company in Saudi Arabia, specializes in providing advanced digital and financial solutions that make commerce technology accessible, affordable, and user-friendly for all. By joining forces with Mastercard, an American multinational financial services corporation known for its expertise in processing payments, Geidea can expand its services and products through Mastercard’s established technology.
Through this collaboration, Geidea gains the authority to issue BIN ranges, empowering consumers, merchants, and FinTechs across Saudi Arabia with cutting-edge payment solutions. The partnership seeks to expand both Mastercard and Geidea’s digital enablement ecosystems by offering diverse BIN Sponsorship options, illustrating their shared commitment to transforming Saudi Arabia into an innovation hub. Moreover, this partnership is expected to have a positive impact on FinTech enablement not only in Saudi Arabia but also in the broader MENA region, ultimately strengthening their respective digital economies.
This recent partnership is not the first instance of collaboration between Geidea and Mastercard. Back in 2021, they launched a strategic agreement that allowed Geidea to accept Mastercard payments on its Tap-on-Phone solution in Saudi Arabia. This marked a significant milestone as it was the first agreement of its kind in the Middle East and North Africa, with Geidea leading the way by implementing contactless payment acceptance technology throughout the Kingdom.
Adam Jones, Mastercard’s Country General Manager for MENA Central, emphasized the company’s commitment to leveraging technology to drive inclusive growth and bring more people into the digital economy. With their extensive expertise and an expanding suite of programs and services, Mastercard aims to enable the FinTech ecosystem to build, launch, and grow, ultimately empowering consumers, merchants, and FinTechs to harness the full potential of state-of-the-art payment solutions.
Geidea’s Chief Strategy & Growth Officer, Laurent Dhaeyer, echoed Mastercard’s vision of making payments and commerce technology accessible to all. He expressed delight in partnering with Mastercard to empower Saudi merchants, FinTechs, and the Kingdom’s startup community. Geidea’s advanced card solutions are designed to support merchants of all sizes, equipping them with the tools they need to start, manage, and grow their businesses. By embracing innovative payment solutions, local enterprises can experience the full benefits and efficiencies that these technologies offer.
The strategic alliance between Mastercard and Geidea represents a powerful fusion of their respective strengths. With Mastercard’s global reach and expertise in payment processing, combined with Geidea’s position as the leading FinTech innovator in Saudi Arabia, the partnership is poised to catalyze significant advancements in the financial landscape of the region. As they continue to collaborate and innovate, the collective efforts of Mastercard and Geidea are set to shape a future where cutting-edge payment solutions are readily accessible, revolutionizing how people transact, do business, and participate in the digital economy.
Through this partnership, Mastercard and Geidea aim to revolutionize financial services in Saudi Arabia, making them more inclusive and accessible. By leveraging Mastercard’s expertise in payment processing and Geidea’s innovative digital solutions, the alliance seeks to empower consumers, merchants, and FinTechs, enabling them to thrive in the rapidly evolving digital economy. As pioneers in their fields, both companies are committed to transforming Saudi Arabia into a hub for innovation and driving economic growth in the MENA region. With a shared vision of creating cutting-edge payment solutions, this strategic collaboration is poised to shape a more prosperous and technologically advanced future for the region.
