Mastercard has partnered with fintech Geidea to provide consumers and businesses in Saudi Arabia with greater access to both advanced card and payment solutions. Through the collaboration with Mastercard, Geidea is set to extend its range of services and products, operating as a direct and third-party issuer providing access to BIN sponsorship.

As part of this agreement, Geidea will leverage Mastercard’s technology to issue BIN ranges and enable consumers, merchants, and fintechs alike across the Kingdom to take advantage of innovative payment solutions. Mastercard – Geidea partnership details Based on the information provided in the press release, the partnership will help contribute to Geidea and Mastercard’s digital enablement ecosystems’ advancement through the creation of a diverse selection of BIN Sponsorship offerings. Showcasing both companies’ commitment to transforming the Kingdom into an innovation hub, the agreement is thought to help lead to increased fintech enablement across the country and wider region, strengthening the Saudi and MENA digital economies.

Commenting on the announcement, Adam Jones, Country General Manager, of MENA Central advised that Mastercard leverages technologies to modernise and deliver innovative solutions that help unlock the potential of inclusive growth and bring more people into the digital economy. Per their statement, their multi-rail expertise and expanding suite of programmes and services are designed to enable the fintech ecosystem to build, launch, and grow, and alongside Geidea, they are to empower consumers, merchants, and fintechs to take advantage of advanced payment solutions. Laurent Dhaeyer, Chief Strategy & Growth Officer, Geidea added that as a company fully committed to making payments and commerce technology accessible, affordable, and intuitive for everyone, they are looking forward to partnering with Mastercard and empowering Saudi merchants and fintechs, together with the Kingdom’s startup community.

Per their statement, being in line with their work in supporting merchants of all types and sizes with the tools to start, manage, and grow their business, the advanced card solutions are set to prime increasingly more enterprises for success, enabling them to take full advantage of the benefits associated with innovative payment solutions. Per the announcement information, the partnership builds on past cooperation between Geidea and Mastercard. It follows a strategic agreement announced in 2021 which enabled Geidea to accept Mastercard payments on its then-novel Tap-on-Phone solution in Saudi Arabia, among the first such agreements to be signed in the Middle East and North Africa regions.

Geidea was said to be the first fintech company to launch this contactless payment acceptance technology in the Kingdom, which enabled businesses to leverage smartphones as payment acceptance devices. What is more, the press release highlights that the Geidea network provides advanced payment and e-commerce solutions to over 300,000 merchants, covering 800,000 payment terminals within the Kingdom. .