Mastercard and CrediMax, a credit card issuer in the Kingdom of Bahrain, have teamed up to launch a payment solution powered by Mastercard Gateway. Dubbed Click to Pay, the new checkout solution enables users to complete purchases across various devices. It promises to save time and reduce the likelihood of errors by eliminating the need for manual password entry.
Enhancing Security Measures
CrediMax has implemented encryption and tokenization
technologies to safeguard customer data and boost security in online
transactions. With these security measures, the company aims to ensure the
safety of consumers’ personal and financial information in every transaction.
Ahmed Seyadi, CrediMax’s Chief Executive Officer, said: “CrediMax is thrilled to be at the forefront of technological
innovation by introducing Click to Pay to the market. We understand some of the
challenges cardholders face during the checkout process, and our goal is to
provide them with a simple, secure, and efficient solution.”
Mastercard and #CrediMax join forces to introduce Click to Pay in #Bahrain. This collaboration marks a significant milestone as the first company in Bahrain to implement Click to Pay via #MastercardGateway, granting consumers instant access to their preferred cards on every…
— Mastercard Arabia (@MastercardMENA) May 8, 2024
Recently, the global digital payment firm Checkout.com partnered with Mastercard to enhance online travel payments by reducing costs for travel enterprises. Checkout.com’s customers are poised to
benefit from the introduction of virtual cards under the Mastercard Wholesale
Program. This move is geared towards enhancing payment efficiency, ultimately
leading to higher conversion rates for customers.
This partnership enables travel agents to mitigate
inefficiencies and errors, ensuring a seamless transition in customer
payments and supplier remittances. The collaboration
underscored Mastercard’s dedication to supporting the adoption of new payment
solutions in B2B travel.
Other Developments
Meanwhile, the National Retail Federation (NRF)
recently objected to a settlement between Visa, Mastercard, and merchants,
criticizing it as inadequate to address long-standing grievances. The
settlement aimed to resolve a dispute spanning nearly two decades involving
allegations of overcharging merchants during credit card transactions.
However, NRF perceives the proposed relief as
“meager and temporary,” with concerns over fairness and lasting
impact. The federation deems the proposed reduction in interchange rates by four
basis points for three years and overall average rates by seven basis points for five years inadequate.
This article was written by Jared Kirui at www.financemagnates.com.
