In a significant stride towards modernizing the financial landscape in Saudi Arabia, global payments leader Mastercard has teamed up with fintech innovator Geidea to provide consumers and businesses with advanced card and payment options. This strategic partnership is set to unlock new possibilities for the Kingdom's digital economy and drive fintech enablement across the MENA region.
At the heart of this collaboration is Geidea's role as a direct and third-party issuer with Mastercard, offering BIN sponsorship. Through this arrangement, Geidea will leverage Mastercard's cutting-edge technology to issue BIN ranges, empowering consumers, merchants, and fintechs in Saudi Arabia to access a wide range of innovative payment solutions.
The partnership is expected to have a profound impact on the fintech ecosystem in Saudi Arabia. By enabling Geidea and Mastercard's digital enablement ecosystems to leverage extensive BIN Sponsorship options, the collaboration promises to foster inclusive growth and bring more people into the fold of the digital economy.
Adam Jones, Country General Manager of MENA Central at Mastercard, emphasized the company's commitment to using technology to drive inclusive growth and provide innovative solutions. With a wealth of experience in multi-rail payments and a growing portfolio of programs and services, Mastercard is perfectly poised to support the flourishing fintech community. This partnership with Geidea aims to empower consumers, merchants, and fintechs alike to embrace these innovative payment solutions confidently.
Furthermore, Laurent Dhaeyer, Chief Strategy and Growth Officer at Geidea, also expressed excitement about the collaboration with Mastercard. By leveraging the advanced card solutions provided by Mastercard, Geidea aims to empower Saudi merchants, fintechs, and the startup community. This move is expected to create a favorable environment for businesses to thrive and benefit from innovative payment solutions, further solidifying Saudi Arabia's position as a fintech hub.
Notably, this is not the first time Mastercard and Geidea have come together to revolutionize the payments landscape. Back in 2021, they struck a strategic deal that allowed Geidea to accept Mastercard payments on its Tap-on-Phone service in Saudi Arabia, making it one of the first such agreements in the Middle East and North Africa. Geidea's innovative Tap-on-Phone service enabled companies to use their smartphones as payment devices, offering convenient contactless payment acceptance to a wide range of businesses.
With its sophisticated payment and e-commerce solutions, Geidea already serves over 300,000 merchants and supports 800,000 payment terminals throughout the Kingdom. By joining forces with Mastercard, Geidea is poised to build on this success and introduce even more cutting-edge solutions to the Saudi market.