Mastercard and Loop to provide advanced card offerings and payment solutions in Saudi Arabia
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Payments giant Mastercard recently revealed a new partnership with a digital payments technology company Loop in order to offer advanced new services in Saudi Arabia. According to the company, the partnership will provide consumers and businesses with expanded access to innovative payment solutions and advanced credit card offerings.
Mastercard partners with @loop_saudi, a leading #digital payments technology company licensed by SAMA, to introduce innovative #payment solutions in Saudi Arabia. This collaboration aims to bolster the Saudi #fintech ecosystem and drive greater fintech enablement, transforming… pic.twitter.com/d6CtR2G78Z
— Mastercard MENA (@MastercardMENA) February 29, 2024
Mastercard teams up with Loop
Loop is a digital payments technology firm licensed by Saudi Arabia’s central bank, SAMA. In the upcoming collaboration, Loop will diversify its portfolio to enrich the range of products and services. It will do this by leveraging Mastercard’s expertise and technology.
Both firms will also jointly issue BIN ranges, thus facilitating access to new payment solutions for merchants, consumers, as well as fintech entities in the Kingdom.
Commenting on the partnership, Mastercard’s Country General Manager at MENA Central, Adam Jones, said that today’s technology and innovation are the bedrock of sustained success. This is especially true when it comes to businesses and financial institutions around the world, which are facing new challenges right now.
Jones noted that Mastercard’s goal is to empower its partners and clients by providing them with tools that would allow them to meet their targets and accomplish their goals. Furthermore, he added: “We aim to enable Loop to do just that, catering to the needs of Saudi businesses and consumers with an innovative range of payment solutions.”
The partnership also marks an important step forward when it comes to advancing digital payments infrastructure in Saudi Arabia. Not to mention that it could potentially open new avenues for consumers and businesses to perform secure, seamless transactions moving forward.
Mastercard recently launched an AI tool for small businesses
Apart from Mastercard’s partnership with Loop, the firm also recently introduced an initiative meant to enhance opportunities for small business owners around the world. The firm acknowledged that small businesses still make a significant contribution to the global economy.
In order to support them, Mastercard decided to launch an advanced artificial intelligence tool known simply as Mastercard Small Business AI. The new AI tool was created to offer personalized guidance and assistance to small businesses whenever they need it.
The tool will likely be a major help for these businesses, given how challenging it can be to operate in today’s business landscape. Even established companies have been struggling over the past several years, and unlike them, small businesses often face problems regarding time and resources.
Many of them operate with no employees, and a high percentage put great value on mentorship. With that being the case, Mastercard noticed that there is a clear need for tailored solutions, which is what Mastercard Small Business AI aims to provide.
