Dapi, a UAE-based fintech company, part of Hub71’s global tech ecosystem, is thrilled to announce a strategic partnership with global technology company Mastercard, aimed at introducing account-to-account (A2A) payments on Mastercard Payment Gateway Services (MPGS). The agreement was signed at Seamless Middle East, the largest event covering the changing landscape of digital commerce.
This collaboration will harness Dapi’s expertise in open banking and Mastercard's extensive payment options to provide businesses in the UAE with a secure and streamlined A2A payment solution within the MPGS ecosystem, addressing evolving consumer needs and enhancing the overall payment experience. The partnership was facilitated through Hub71, as part of its efforts to facilitate commercial and market opportunities between its corporate partners and its startups.
Through this collaboration, both parties aim to create an ecosystem that fosters financial inclusion, while driving innovation and growth in the region's digital economy. This partnership promises to instantly elevate the payment experience for hundreds of thousands of merchants, redefining seamless financial transactions on an unprecedented scale.
Mastercard and DAPI will soon announce the official launch date for the A2A payment solution.
"Today marks a new chapter in our journey to reshape the financial landscape," shared Ihsan Al Hayek, co-founder of Dapi. "This is a significant milestone for the open banking agenda and the regional payment landscape, and our strategic alliance with Mastercard fortifies our influence in the MENA region, driving financial inclusion and ensuring a sustainable and inclusive digital economy for all.”
Commenting on the partnership, J.K. Khalil, Cluster General Manager, MENA East, Mastercard said: "Embedding Dapi’s advanced open banking solution within MPGS forms an integral part of our strategic blueprint to enrich and expand the payment methods available to our customers. We envision a future where secure, efficient A2A payments transcend from being merely aspirational to everyday reality, providing seamless transaction experiences for our customers."
Earlier last year, Dapi joined the inaugural cohort of the Mastercard Start Path Open Banking program as the first Open Banking player from the MENA region. While in the program, Dapi leveraged Mastercard’s open banking expertise and engaged with Mastercard’s ecosystem of banks, merchants, partners, and digital players across the globe to deliver enhanced open banking solutions to the region and beyond.
Part of the Hub71 ecosystem since 2019, Dapi is backed by prestigious local and global venture capitalists and has been serving a number of fintech companies and enterprises in the UAE and is steadily expanding its global network. This partnership with Mastercard is a significant step in Dapi's global ambition, reinforcing the company's commitment to technological evolution in financial services.