Saudi Arabia: Visa Partners with SAMA Unit to Expand Smartphone Payment Network

Published June 23rd, 2021 - 11:30 GMT
Saudi Arabia: Visa Partners with SAMA Unit to Expand Smartphone Payment Network
The e-commerce payment sector is surging in Saudi Arabia. (Shutterstock)
Highlights
“Simultaneously, this step enhances the Kingdom’s financial technology capabilities and is which in turn would underpin the transition to a digital economy”
Saudi Payments, a unit owned by the Saudi Central Bank (SAMA), has partnered with global payments giant Visa to launch a system to allow users in the Kingdom to make digital payments using their smartphones.

The new Tap to Phone function will operate through Mada, Saudi Arabia’s national payments network, to allow retailers and merchants, especially small businesses, to accept contactless payments via their smartphone devices without having to invest in separate physical hardware.

“We are pleased to be partnering with Visa to bring this solution to market at a relevant time when Saudi consumers increasingly expect and desire to use digital payments wherever they shop, and when many businesses need to go digital to respond to changing consumer behavior,” said Fahad Al-Akeel, managing director of Saudi Payments.

“Simultaneously, this step enhances the Kingdom’s financial technology capabilities and is which in turn would underpin the transition to a digital economy.”

foster investments in innovative payment solutions to support smaller businesses and improve consumers’ access to quality financial services all around the Kingdom.”

The e-commerce payment sector is surging in Saudi Arabia. Statistics from SAMA show that the number of transactions in the first quarter of 2021 rose 95 percent year-on-year, while the total number of point-of-sale terminals in the Kingdom rose 68 percent in the same period.

Copyright: Arab News © 2021 All rights reserved.

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