Saudi Arabian domestic payment network mada has announced a joint partnership initiative to facilitate online payments for its cardholders and domestic merchants in the country through Mastercard’s Payment Gateway Services technology.
The initiative will also enable all online merchants to accept mada cards as a primary mode of payment.
Across Saudi Arabia, mada’s payment network facilitates all financial transactions and links those from ATMs and point-of-sale (POS) terminals to a merchant’s bank and the card issuer bank.
Saudi Arabian Monetary Authority general director of Payment Systems Department Ziad Al Yousef said: “mada represents the innovative generation of electronic payments in Saudi Arabia and one of the fastest growing payment systems in the world.
“Utilising Mastercard’s technology to facilitate online payments via the network will enable Saudi businesses to significantly increase their e-commerce sales by offering consumers more flexibility and convenience and diversify their available payment options.”
Mastercard Middle East and North Africa division president Khalid Elgibali said: “We are delighted to partner with the Kingdom’s domestic payment network, mada, and use our Payment Gateway Services technology to make payments safe, simple, and smart in Saudi Arabia, as we work towards our vision of a world beyond cash.”