Mastercard, Mada Partner to Enable Online Payment Transactions in Saudi Arabia
mada, Saudi Arabia’s domestic payment network, and Mastercard, a leading technology company in the global payments industry, announced the launch of a joint partnership initiative to enable online payments using Mastercard’s Payment Gateway Services technology.
Furthermore, all local online merchants will be enabled to accept mada cards as a primary mode of payment on their websites. Opening up online payments via the mada network will drive economic growth by offering mada cardholders and domestic merchants the opportunity to transact online.
“mada represents the innovative generation of electronic payments in Saudi Arabia and one of the fastest growing payment systems in the world. Utilizing Mastercard’s technology to facilitate online payments via the network will enable Saudi businesses to significantly increase their eCommerce sales by offering consumers more flexibility and convenience and diversify their available payment options,” said Ziad Al Yousef, General Director of Payment Systems Department at the Saudi Arabian Monetary Authority (SAMA).
“We are delighted to partner with the Kingdom’s domestic payment network, mada, and use our Payment Gateway Services technology to make payments safe, simple, and smart in Saudi Arabia, as we work towards our vision of a world beyond cash,” said Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.
mada payment network facilitates all transactions throughout the Kingdom, one of the biggest economies in the Middle East. The mada network connects all financial transactions from automated teller machines (ATMs) and point-of-sale (POS) terminals throughout the country to a merchant’s bank and the card issuer bank. During the past year, mada achieved record levels of the number and values of transactions, which amounted to more than 1.5 billion and a total estimated amount of SAR 641 billion, respectively.
Electronic payments have the ability to create a world with greater opportunities for all. To take us beyond borders, to new markets. Beyond mere moments, to meaningful experiences. That's the power of a World Beyond Cash®. And that's Priceless®.
Mada Telecom, part of Mada Communications group, is a leading telecommunication service provider in the Middle East.
Its story began in 2007, when XOL Jordan merged with Mada Communications group and became a new entity working under the name and identity of Mada Jordan. Mada Jordan is now part of Mada Communications group which has operators in Jordan, Lebanon, and Kuwait. Mada Communications groups' future plans are to expand their business into the Middle East & North Africa.
Mada is the leading provider of converged telecom solutions. Incorporated in 2007 as a joint venture between Mada Communications Group and Zain-Jordan, Mada offers its clients an extensive lineup of advanced communication solutions utilizing the latest technologies in the field, including wireless broadband access, fiber optics solutions, multiprotocol label switching (MPLS) and virtual private LAN service (VPLS), and data center and hosting solutions.
Being connected with people whenever and wherever they are in today's fast-paced world, is what had inspired Mada Jordan to deliver next generation networking communications solutions, which include high quality wireless broadband access, internet communication services, Fiber Optics, and managed solutions that preserve a true competitive advantage and exceed customers' expectations.
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