Saudi Arabia going mada with NFC mobile payments by Visa
Visa has partnered with mada, Saudi Arabia’s national payment scheme, to bring consumers mada Pay, a multi-issuer mobile NFC payment solution.
Saudi Arabia in paytech modernisation
Mada Pay is an Android solution and will work throughout the Kingdom and abroad with Saudi-issued credit and prepaid cards. It includes Visa’s token service and mada tokenisation platform-enabled security to protects card data.
Ali Bailoun, Visa’s general manager for Saudi Arabia, calls it “the first digital application of its kind in Saudi Arabia, a secure and innovative cashless made possible by our joint secure tokenisation technologies”.
“Offering consumers a digital application is an important step forward in supporting the government’s efforts to achieve Vision 2030 for the Kingdom”, comments Ziad Al Yousef, general manager of the general department of payments systems, at the Saudi Arabian Monetary Authority.
Bailoun remarks that Visa’s report “Cashless Cities: Realizing the Benefits of Digital Payments” showed the potential net benefit of up to SAR 25.12 billion ($6.7 billion) annually to consumers, businesses and government in the country.
