MasterCard announced on Wednesday that it will open a payments processing center in the United Arab Emirates to provide integrated processing services to customers in the Middle East and North Africa.
“The MasterCard Processing Center is a continuation of our global strategy to expand the company’s processing presence in high growth markets, bringing solutions closer to customers,” Cathy McCaul, the president of MasterCard’s global processing division, said. “By harnessing our global expertise, and using that to address specific market needs, we will have the ability to provide customers with integrated issuer and acquirer processing services using a state-of-the-art platform. There is a particular need for this in emerging markets where the rapid change in products and the growth in electronic payments challenge the capacity, security and capability of existing systems.”
The processing center will provide platforms for credit, debit and prepaid processing, as well as value-added services related to fraud, analytics and loyalty programs.
Currently, MasterCard provides acquirer and issuer processing services in more than 24 countries around the world. The company said its focus on excellence and customer service has allowed it to expand its relationships with issuers worldwide.
“As consumers continue to embrace electronic payments, MasterCard Processing will ensure partners are well positioned to respond to evolving demands and allow them to offer the most advanced products and services,” Raghu Malhotra, the MENA division president at MasterCard, said. “MasterCard Processing will be built as an integrated solution with the most advanced software so it will not have constraints sometimes found in legacy systems. This will ensure a seamless transition to next generation payment solutions like ‘MasterPass.’ Eventually, it will also help integrate additional value-added services around multi-channel platforms including e-commerce and m-commerce.”
In addition, the processing center will provide new insights through cardholder intelligence and eliminate inefficiencies resulting from disparate payment processing platforms.
“Financial institutions in emerging markets usually face constraints that hinder the investment in and adoption of technologically-advanced solutions,” Malhotra said. “With the launch of MasterCard Processing, we have created a unique platform that will now allow our customers to swiftly bring cost-effective innovative solutions to market. We are excited to bring this global capability to the region and we are confident that it will help drive the adoption of next-generation payment solutions.”