Partnership announced at World Retail Congress in Dubai
Dubai, UAE, (April 11, 2016)
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.
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.
MasterCard (NYSE: MA), www.mastercard.com is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Souq.com is the largest online retail and marketplace platform in the Arab world, featuring more than 1.5 million products across 31 categories such as consumer electronics, fashion, health and beauty, household goods, and baby. Today, Souq.com attracts over 45 million visits per month, with localised operations in the KSA, UAE and Egypt.
Souq.com offers a convenient and safe online shopping experience with secure online payments, option to pay cash on delivery and free returns. For more information, visit www.Souq.com.
For further information, please contact:
MasterCard Middle East & Africa
Tel: +971 4 563 8603
Tel: +9714 3672530
TRACCS 24/7 Media Hotline: +97150 9448389
© Press Release 2016