Mastercard is expanding its Card-as-a-Service (CaaS) and Bank-as-a-Fintech (BaaF) offering as part of a new deal with areeba, a leading payment processing service provider in the Middle East.
In a statement, the firms said the collaboration will support fintech companies and non-banking financial institutions by building ready-to-market hubs in selected Arab countries, spanning from Levant to North Africa.
In particular, the partnership is aiming to help financial institutions introduce new products to the market more quickly by increasing access to the necessary technology and solving obstacles of BIN sponsorship and Mastercard digital first issuing assets access.
Source: Mastercard
Bundled digital financial products, such as youth and family banking are also expected to be made available, through the deal, the firms said. Earlier this year, Areeba rolled out a new in-app feature in Lebanon that allows users of local e-wallets to pay merchants using QR codes. it provides a range of payment services, from issuer processing and merchant acquiring to digital payments.
Maher Mikati, CEO, Areeba said: “These [products and services] will be available as light-touch, off-the-shelf propositions with subscription and pay-as-you-grow pricing scheme that can be launched in weeks instead of months.”
Gaurang Shah, Executive Vice President, Product and Engineering, Eastern Europe, Middle East and Africa, Mastercard said: “At Mastercard, we view payment modernisation as one of the top priorities in providing market-ready services and platforms that help deliver innovative offerings to consumers. We streamline dependencies by offering out-of-the-box digital solutions that can be implemented at a fast pace and following local regulations and compliance mandates.”
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