Bahrain-based fintech Eazy Financial Services (EazyPay) has partnered Mastercard to expand ecommerce payment services and digital offerings to its merchants. As per information provided in the announcement EazyPay is now set to be powered by Mastercard Payment Gateway Services (MPGS), a platform that provides financial institutions a white-label technology for payment processing and fraud prevention.

The Mastercard Payment Gateway Services platform and partnership details Being one of the largest gateways in the region leveraged by a multitude of players in the financial ecosystem, MPGS enables partners to accept an extensive range of digital transactions in an easy and secure manner, including all leading card brands and other non-card payment methods. Mastercard officials advised that the company aims to ‘co-create a new reality for the digital payments ecosystem’ and, through the collaboration with EazyPay, it expands the reach of their MPGS technology to support the GCC nation’s rapidly expanding ecommerce industry and their digital transformation strategy. Furthermore, the move helps strengthen Mastercard’s presence in the region and expands digital payment acceptance in the country.

As detailed in the announcement, companies in the Bahrain fintech space are vital when it comes to providing access to solutions that can aid digital transformation within the SME sector, which brings a contribution of approximately 30% to Bahrain’s gross domestic product (GDP). In agreement with its Economic Vision 2030, the country also invested in frameworks that aim to develop a robust entrepreneurship ecosystem. As Mastercard has made a commitment towards driving sustainable growth and inclusion of small businesses across the landscape, its fintech partnerships aim to deliver experience-centric, innovative solutions across the financial services ecosystem.

Eazy Financial Services representatives commented on the partnership and stated that their goal is to add value and they believe Mastercard’s MPGS technology solution to enable them to do that, as the companies have a common vision in making digital and ecommerce payments increasingly simple, smart, and swift, thus creating ‘pathways to progress in new ways’. EazyPay, Mastercard product offering and recent developments A global technology company activating in the payments industry, Mastercard aims to connect and power an inclusive, digital economy that is beneficial to anyone. Leveraging secure data and networks, their solutions aim to help individuals, financial institutions, governments, and businesses reach their potential.

Apart from its growth-focused digital expertise, Mastercard has the global reach, partners’ network, and local knowledge to collaborate with fintech companies at each stage of growth through the Mastercard Accelerate portfolio. As detailed in the announcement, the company partners with a variety of stakeholders, including fintech innovators, looking to connect 1 billion people do the digital economy by 2025, including 50 million small businesses, having a direct focus on 25 million women entrepreneurs. Eazy Financial Services is licensed and regulated by the Central Bank of Bahrain as a payment services provider, payment gateway, 5th POS and online payment acquirer in The Kingdom of Bahrain.

In 2021, as per announcement information, the company launched EazyPay POS terminals, enabling local merchants and SMEs to accept contactless payments. As of now, Eazy Financial Services has over 900 merchants and 5,692 POS terminals across Bahrain, having processed transactions worth USD 502 million throughout 2021 and planning to double the amount by 2023. .