Visa has collaborated with Saudi Arabian national payment scheme mada to facilitate contactless payments for its cardholders in the country with the launch of a mobile payment solution called mada Pay.
mada Pay is said to be the first such solution in Saudi Arabia. The Android-based application supports transactions with KSA-issued Visa credit and prepaid cards.
As part of the alliance, mada Pay will also enable use of Visa and mada co-branded debit and prepaid cards to make contactless payments.
The mobile payment application consists of an embedded security technology powered by Visa Token Service and mada Tokenization Platform designed to replace important card information such as card number, with a random number called token.
Instead of the original card data, the token is submitted during the transaction process to ensure protection of customer’s account details.
Visa general manager for Kingdom of Saudi Arabia Ali Bailoun said: “We’re delighted to be partnering with mada to launch mada Pay, the first digital application of its kind in Saudi Arabia, a secure and innovative cashless made possible by our joint secure tokenisation technologies.
“This initiative reflects our commitment to supporting Saudi Arabia’s Vision 2030 by leveraging our global capabilities and solutions to help build a secure, seamless and modern payments infrastructure that will facilitate the shift towards cashless commerce.”