Saudi Payments, a subsidiary of the Saudi Arabian Monetary Authority (SAMA), has partnered with Japan-based JCB international to enable the acceptance of JCB cards in the kingdom, the media reported.
The partnership will enable local banks to accept JCB cards through their network of point-of-sale terminals.
The partnership between Saudi Payments and Japan’s JCB will aim to improve the payments in Saudi Arabia by providing modern payment methods and reducing the use of cash.
The partnership will also see the national payments network MADA to accept JCB payments through its platform.
With regard to the partnership with Saudi Payments, Yoshiki Kaneko, president of JCB International told the media, “Saudi Arabia is the most significant market for JCB to expand the issuance of JCB cards in the Islamic region. Saudi Arabia is one of the most important travel destinations for our cardholders. With the Kingdom’s enhanced Vision 2030 strategy and the ever-increasing ties between Saudi Arabia and Japan, I am delighted that we have entered into this partnership with Saudi Payments for the acceptance of JCB cards.”
“Over the coming months we will be announcing partnerships with local banks to expand our acceptance infrastructure in Saudi Arabia, to cater for both the business and touristic needs of our cardholders,” he added.
Earlier this month, Saudi Payments signed a strategic agreement with Discover to increase the global acceptance footprint for both organisations.
Reportedly, the agreement will give Discover, Diners Club International, PULSE and network alliance cardholders the ability to use their card on the MADA network.
The strategic agreement is also in line with the kingdom’s plan to grow the number of options available in the Kingdom’s digital payment environment.