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Mastercard (MA), BSF to Unveil a Card Offering in Saudi Arabia
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Mastercard Incorporated (MA - Free Report) recently collaborated with Saudi Arabia-based commercial banking services provider Banque Saudi Fransi (BSF) in a bid to introduce the Mastercard Banque Saudi Fransi Lifestyle credit card across the region.
The customizable cashback credit card, which seems to be a first-of-its-kind in Saudi Arabia, is equipped with cashback features and caters to the diversified needs of the region’s consumers. From eight personalized cashback categories powered within the card, cardholders can avail immediate and seamless cashback benefits.
The trend of digitization is now infused in every sphere of life. This is one of the ever-lasting changes probably inflicted by the COVID-19 pandemic. The digital trend has certainly shaped consumers’ inclination toward obtaining financial services that are fast, affordable and personalized. The latest product rolled out jointly by Mastercard and BSF appears to be well timed, given the prevailing customer demand.
Initiatives similar to the latest one reinforce Mastercard’s efforts to boost capabilities, customer base and presence in Saudi Arabia. MA sincerely pursues a strategy of bringing about innovations and entering into strategic partnerships to revolutionize payment capabilities throughout the region. BSF, which remains a leading innovative and client-focused bank of Saudi Arabia, seems to be the apt partner for complementing Mastercard’s endeavor.
In September 2021, MA teamed up with Resal, thereby offering Mastercard customers with enhanced digital shopping options to tap the growing digital trends across Saudi Arabia. One month prior to that, the technology company in the global payments industry partnered with Penny Software in a bid to automate the procurement process of businesses and upgrade the business-to-business payments ecosystem of the region.
Mastercard seems to keep a keen eye on Saudi Arabia, considering the robust prospects present in the region’s card payments market. In spite of being a cash-dominated economy, the country has witnessed a surge in hassle-free, speedier and safer card payments for shopping online. Saudi Arabia’s consumers, much like other parts of the world, are preferring electronic modes of payments amid the pandemic due to fears of contracting the virus. Enhanced payment frameworks also contributed to the upside witnessed in the region’s card payments market. Per the data, analytics and insights provider GlobalData, the card payments market of Saudi Arabia is expected to witness a solid CAGR of 21% over the 2021-2025 period.
Not just Saudi Arabia, Mastercard remains steadfast in meeting the growing demand for digital payments worldwide through bolstering digital capabilities. For complementing this endeavor, MA has been collaborating with well-established organizations and undertaking considerable investments. In fact, Mastercard remains the preferred choice of partner for governments and private institutions owing to its strong brand name, local knowledge, expanded capabilities, extensive network, and global presence.
Similar to Mastercard, other companies such as Visa Inc. (V - Free Report) , Global Payments Inc. (GPN - Free Report) , and American Express Company (AXP - Free Report) have also been pursuing digital transformation efforts and launching several contactless payment solutions from time to time.
Visa makes use of advanced technologies for rolling out newer payment solutions. V has been striving hard to integrate the blockchain technology within the payments platform. The launch of diversified payment alternatives, including mobile payments through Visa Checkout and Visa payWave, highlights the company’s commitment to ensure enhanced online checkout experiences for consumers.
Global Payments is a pure-play payments technology company boasting deep expertise in payments technology. GPN continues to roll out a wide array of payments technology and software solutions for customers on a worldwide basis backed by its expertise. Global Payments has joined forces with several organizations for extending its nationwide reach in the digital payments space.
American Express continues to pursue a host of measures focused on technology advancements, introduction of secured digital solutions and assisting businesses in regulating payments. These initiatives have bolstered digital suite and global foothold of AXP. American Express has exhibited its commitment in rolling out innovative card offerings and upgradations of the existing ones in order to cater to the evolving needs of its Card Members.
Shares of Mastercard have gained 4.6% over a year against the industry’s 18.9% decline.
Image: Bigstock
Mastercard (MA), BSF to Unveil a Card Offering in Saudi Arabia
Mastercard Incorporated (MA - Free Report) recently collaborated with Saudi Arabia-based commercial banking services provider Banque Saudi Fransi (BSF) in a bid to introduce the Mastercard Banque Saudi Fransi Lifestyle credit card across the region.
The customizable cashback credit card, which seems to be a first-of-its-kind in Saudi Arabia, is equipped with cashback features and caters to the diversified needs of the region’s consumers. From eight personalized cashback categories powered within the card, cardholders can avail immediate and seamless cashback benefits.
The trend of digitization is now infused in every sphere of life. This is one of the ever-lasting changes probably inflicted by the COVID-19 pandemic. The digital trend has certainly shaped consumers’ inclination toward obtaining financial services that are fast, affordable and personalized. The latest product rolled out jointly by Mastercard and BSF appears to be well timed, given the prevailing customer demand.
Initiatives similar to the latest one reinforce Mastercard’s efforts to boost capabilities, customer base and presence in Saudi Arabia. MA sincerely pursues a strategy of bringing about innovations and entering into strategic partnerships to revolutionize payment capabilities throughout the region. BSF, which remains a leading innovative and client-focused bank of Saudi Arabia, seems to be the apt partner for complementing Mastercard’s endeavor.
In September 2021, MA teamed up with Resal, thereby offering Mastercard customers with enhanced digital shopping options to tap the growing digital trends across Saudi Arabia. One month prior to that, the technology company in the global payments industry partnered with Penny Software in a bid to automate the procurement process of businesses and upgrade the business-to-business payments ecosystem of the region.
Mastercard seems to keep a keen eye on Saudi Arabia, considering the robust prospects present in the region’s card payments market. In spite of being a cash-dominated economy, the country has witnessed a surge in hassle-free, speedier and safer card payments for shopping online. Saudi Arabia’s consumers, much like other parts of the world, are preferring electronic modes of payments amid the pandemic due to fears of contracting the virus. Enhanced payment frameworks also contributed to the upside witnessed in the region’s card payments market. Per the data, analytics and insights provider GlobalData, the card payments market of Saudi Arabia is expected to witness a solid CAGR of 21% over the 2021-2025 period.
Not just Saudi Arabia, Mastercard remains steadfast in meeting the growing demand for digital payments worldwide through bolstering digital capabilities. For complementing this endeavor, MA has been collaborating with well-established organizations and undertaking considerable investments. In fact, Mastercard remains the preferred choice of partner for governments and private institutions owing to its strong brand name, local knowledge, expanded capabilities, extensive network, and global presence.
Similar to Mastercard, other companies such as Visa Inc. (V - Free Report) , Global Payments Inc. (GPN - Free Report) , and American Express Company (AXP - Free Report) have also been pursuing digital transformation efforts and launching several contactless payment solutions from time to time.
Visa makes use of advanced technologies for rolling out newer payment solutions. V has been striving hard to integrate the blockchain technology within the payments platform. The launch of diversified payment alternatives, including mobile payments through Visa Checkout and Visa payWave, highlights the company’s commitment to ensure enhanced online checkout experiences for consumers.
Global Payments is a pure-play payments technology company boasting deep expertise in payments technology. GPN continues to roll out a wide array of payments technology and software solutions for customers on a worldwide basis backed by its expertise. Global Payments has joined forces with several organizations for extending its nationwide reach in the digital payments space.
American Express continues to pursue a host of measures focused on technology advancements, introduction of secured digital solutions and assisting businesses in regulating payments. These initiatives have bolstered digital suite and global foothold of AXP. American Express has exhibited its commitment in rolling out innovative card offerings and upgradations of the existing ones in order to cater to the evolving needs of its Card Members.
Shares of Mastercard have gained 4.6% over a year against the industry’s 18.9% decline.
MA currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
While shares of Visa and American Express have gained 2% and 42%, respectively, over a year, Global Payments has lost 26.7% in the same time frame.