Mastercard has rolled out its digital payment service, Masterpass, in Saudi Arabia in order to boost the country’s cashless ecosystem through latest payment technologies.
The National Commercial Bank (NCB) is the first bank Saudi Arabia to provide the service to its customers including its cardholders and payment merchants.
Using Masterpass, customers can make intuitive and secure purchases across devices, channels and borders from a single trusted solution.
In order to tap the benefit of Masterpass, NCB’s credit and prepaid cardholders will have to register their cards once and thereafter they can enjoy the convenience of completing their online purchases with just a click on the Masterpass button.
Mastercard said that Masterpass does not store card details with multiple online merchants and its multi-layer security provides peace of mind to NCB’s cardholders.
Mastercard general manager for Saudi Arabia and Levant Basel El-Tell said: “The launch of Masterpass in Saudi Arabia comes at a time when the retail and e-commerce industry in the Kingdom is at the cusp of a number of significant developments including a strong shift towards electronic payments.
“Moreover, as part of Saudi Vision 2030, advancements in technology are set to play a defining role in driving long-term social and economic growth, and Masterpass, as an industry-leading innovative solution, represents the future of payments.”
The National Commercial Bank senior executive vice president, head of retail banking group Hamed Fayez said: “The introduction of Masterpass is another good example of such innovation whereby NCB’s cardholders can now enjoy secure online transactions with a simple click on the Masterpass button.
“NCB continues to be a true driving force in promoting a cashless society as NCB eCommerce transactions has grown in 2017 by almost 200% and cements its footing as a premier provider of Digital Services. This step will further emphasize our ‘Mobile First’ Digital Strategy to enrich our clients’ experience in the Kingdom.”