Local Payments Market Expanded in Saudi Arabia

Business

July 22nd, 8:05am

Riyadh - Asharq Al-Awsat

A view of Riyadh, Saudi Arabia on May 7, 2020. (Reuters)

Saudi Payments, a Saudi Arabian Monetary Authority (SAMA) subsidiary and the operator of national payment network (Mada), has partnered with JCB International Co., Ltd. (JCBI), the international operations subsidiary of JCB Co. Ltd. The partnership agreement aims at enabling the acceptance of JCB cards in the Kingdom as part of its policy in opening the way for global payment companies and systems to enter the local market. This would support the Kingdom’s strategy to enrich the payments environment and provide modern payment methods, thus reducing cash and raising the level of competition in this sector. This step also comes in line with the objectives of Vision 2030 in serving visitors and tourists and providing them with various payment methods. This partnership would also enable Mada network to accept JCB payments through the platform. This will facilitate local acquiring banks to accept JCB cards through their network of Point of Sale Terminals and ATM terminals deployed throughout the Kingdom and further provide greater convenience for JCB’s growing cardholders in Islamic markets. “This partnership is vital to enhance the digital payment infrastructure in the Kingdom, by providing more options for customers,” said Managing Director of Saudi Payments Ziad al-Yousef. President and COO of JCBI Yoshiki Kaneko stressed that Saudi Arabia is JCB’s most significant market to expand the issuance of JCB cards in the region, being one of the most important travel destinations for JCB cardholders.

from Asharq AL-awsat https://english.aawsat.com/home/article/2404496/local-payments-market-expanded-saudi-arabia