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.

The post Saudi Payments partners with Japan’s JCB to enable the JCB payment appeared first on International Finance.

The study shows that card payments took the lion’s share of all payments at nearly 30 percent, while other types included the SADAD platform and other financial payments. In a nutshell, the study reflects the success of SAMA’s strategy to support epayments. Also, the Financial Sector Development Programme is focused on enhancing e-payments and reducing cash transactions in line with Vision 2030, the local media reported.

Earlier this month, the Saudi cabinet approved SAMA’s request to establish the Saudi Payments Company as an independent entity. The Saudi Payments Company aims to increase financial inclusion in the Kingdom and develop the payments sector.

The total number of Mada devices in operation increased to more than 421,000 in 2019 from 107,000 at the end of 2013. The study said that there is a significant growth in the use of Mada devices in the Kingdom’s commercial sector, such as oil and gas. Also, the launch of Mada Atheer technology plays an important role in increasing epayments. 

Mada is the new identity of the Saudi Payment Network. Experts said that the development of this technology demonstrates progress in  the integration and use of Apple Pay. 

“Basically it is to transfer Saudi society from being heavily cash dependent on buying goods and services to a cashless society using digital and epayment,” Talat Hafiz, from the Media and Banking Awareness Committee for Saudi Banks, told Arab News. 

The post Saudi epayments account for over 36% of all payments now appeared first on International Finance.