UK-based global issuer-processor Paymentology has partnered with Saudi Arabia-based HyperPay to improve the latter’s payment solutions in the Middle East. Through this collaboration, both companies want to deliver payment solutions that support the needs of businesses, governments, SMEs, and consumers.

The MENAP region is transitioning towards digital financial services, highlighted by the projected increase from USD 1.5 billion in 2022 to USD 4.5 billion in 2025. Currently, HyperPay provides a variety of products and services to its customers, including payment processing, risk and fraud management, monitoring systems, instalments, and invoicing solutions. Combined with Paymentology’s payments platform, the company aims to connect to payment rails, develop additional payment products for clients, and leverage granular payment data to improve its offerings.

As per the officials’ statements, HyperPay’s contribution aligns with Saudi Arabia Vision 2030, its main objective being to encourage the region to adopt a digitalised payment experience. Considering the global outlook, the company aims to introduce more versatile services and solutions tailored to both the region’s dynamics and the stimulation of cross-border trade. More information about HyperPay As a payment gateway, HyperPay aims to improve the online buying experience in the MENAP region by enabling businesses to accept and manage payments online, with more flexibility and security. Back in July 2023, HyperPay acquired spend management fintech Sanad Cash to improve its digital payments suite across the MENA region.

Through this, the company aims to improve its service offerings and solidify its standing as an all-in-one digital solution. Moreover, the company secured USD 36.7 million in funding through a round led by Mastercard, with investments from Amwal Capital Partners and AB Ventures. In March 2023, HyperPay announced its plans to go public in Saudi Arabia in the next two years. The statement is part of the company’s expansion plans with MENA fintech markets.

Furthermore, its objective is to become the preferred payment tool for organisations globally by offering diverse products and services. About Paymentology Paymentology enables banks, digital banks, and fintechs to issue and process cards globally through its cloud-based infrastructure, reach, and APIs. Moneythor partnered with the company at the end of August 2023, to provide banks with data-driven personalisation and improved engagement by offering actionable and event-driven secure capabilities. Recently, Paymentology also extended its collaboration with Mastercard to advance financial inclusion across Guatemala, Honduras, and El Salvador.

The partnership’s objective is to create a more inclusive financial ecosystem in Northern Central America by offering the technology, support, and efficient processes that financial institutions and fintechs need. .