Souq.com and MasterCard Partner to offer a world-class payment experience for customers

Press release
Published April 12th, 2016 - 05:09 GMT
Souq.com and MasterCard Partner to offer a world-class payment experience for customers
Souq.com and MasterCard Partner to offer a world-class payment experience for customers

MasterCard and Souq.com, the Middle East’s largest online retail and marketplace platform, today announced a collaboration to provide a world-class payment experience for customers. The collaboration was announced on the sidelines of the 10th edition of the World Retail Congress which takes place in Dubai from 12-14 April, 2016.

Souq.com customers will benefit from a seamless payment experience backed by quicker and more convenient ways to complete purchases using MasterCard’s innovative payment solutions. MasterCard and Souq.com will also collaborate on joint marketing campaigns as they encourage more consumers to benefit from cashless payments.

Raghu Malhotra, President, Middle East and Africa, MasterCard, shared, “We are excited about bringing advanced payment capabilities to Souq.com and giving customers an even better online shopping experience. MasterCard is building capabilities and working with e-commerce industry leaders like Souq.com to provide shoppers with an online experience that is not just easy and convenient, but also safe, secure, personalized and relevant.”

“As the regional e-commerce industry continues its rapid growth and starts to mature, we are excited to contribute to this development by bringing our innovation and global expertise to create a sophisticated payment ecosystem powered by advanced data analytics.”

Ronaldo Mouchawar, CEO & Co-founder of Souq.com states, “We have a long standing partnership with MasterCard and together we are committed to growing e-payments in the Middle East, particularly through m-commerce which is currently experiencing a huge uplift. M-commerce has been a huge driver for e-commerce growth in the region and credit card payments further simplify the shopping on-the-go, as one can save payment details on the device and pay on click of a button.”

“This is the perfect time for such a partnership where we can offer the growing number of tech-savvy consumers who understand the benefits of e-payments even more such as speed, convenience, security and value for money. Souq.com focuses on empowering consumers to make smarter choices, which includes providing secure payment platform and this partnership will further broaden safe payment options for our consumers.”

MasterCard will also utilise insights through its data analytics platform to develop a deeper understanding of shopper behaviour on Souq.com to enhance the overall shopping and payment experience for customers. This move will assist Souq.com in further new product development and service enhancements to provide customers with an unrivalled payment experience. 

Background Information

Souq.com

Souq.com was established in 2005 to become the largest e-commerce site in the Arab world covering Saudi Arabia, UAE, Jordan and Egypt. Souq.com is the channel where thousands of buyers and sellers in the region meet on a daily basis to sell products over a trusted platform that offers both various local payment options and integrated delivery methods catered to the markets that they serve.

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Aladin Aburamadan
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