Mastercard and MoneyHash Team on Merchant-Focused Solutions in Middle East and Africa
Merchants across the Middle East and Africa can now connect to Mastercard’s portfolio of merchant-focused solutions through MoneyHash’s payment orchestration platform.
The capability is enabled by a new partnership between the two companies that facilitates access to Mastercard’s Merchant Cloud platform, according to a Thursday (Dec. 18) press release.
The collaboration eliminates the complexity of multiple integrations, shortens time to market, and enables merchants to optimize transaction routing, improve success rates, reduce payment failures and gain visibility across their payment operations through a single dashboard, the release said.
“Our collaboration with MoneyHash represents a fundamental shift in the way payment infrastructure is delivered by moving from complex direct integrations to convenient unified access, addressing a critical pain point,” Mete Guney, executive vice president, market development, Mastercard, EEMEA, said in the release. “Together, we aim to support merchants’ digital transformation journeys and enable seamless checkout experiences for online shoppers.”
MoneyHash co-founder and CEO Nader Abdelrazik said in the release: “We bring together the best of both worlds—our advanced orchestration capabilities and Mastercard’s world-class payment infrastructure—to equip merchants with the tools they need to grow their businesses efficiently and effectively.”
MoneyHash announced in January that it raised $5.2 million in a pre-Series A funding round to continue its focus on improving payments in emerging markets.
“In emerging markets, payment infrastructure remains significantly underdeveloped, with failure rates three times the global average and fraud rates and cart abandonment over 20% higher than developed markets,” Abdelrazik said in a January press release.
MoneyHash’s payment operating system integrates with merchants’ existing payment providers while offering capabilities such as a “unified API for pay-in and pay-out operations” and “sophisticated transaction routing with built-in fraud prevention,” along with features such as recurring payments, virtual wallets, subscription management and payment links.
Mastercard debuted its Merchant Cloud in October, saying the payment platform offers merchants “scheme-agnostic solutions” for credential tokenization, guest checkout, fraud protection, identity verification and approval rate optimization.
The platform also offers various gateway services, such as omnichannel experiences, “efficient transaction routing” and access to data insights.
“Combined with dedicated support and easy onboarding, the platform is designed to simplify the life of every partner to easily access the services they need to grow their businesses safely and securely, in an AI-enabled world,” Mastercard said in an October press release.
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