Mastercard has partnered with Saudi Arabia-based payment network mada to introduce a new mobile payment wallet called mada Pay in the country.
The new solution features tokenised multi-issuing and contactless capabilities. It will enable users to make fast and secure payments at near field communication (NFC)-enabled point-of-sale (PoS) terminals.
mada Pay is backed by Mastercard Digital Enablement Service (MDES). The service utilises various advanced payment technologies, including EMV, tokenisation and cryptography.
In addition, the solution leverages mada tokenisation platform to ensure secure local and international transactions while shopping online, in-store or in-app.
Mastercard cluster head for Saudi Arabia and Bahrain JK Khalil said: “Advanced payment technologies like the mada Pay mobile payment solution are set to contribute to the Kingdom’s Vision 2030 digital roadmap, by increasing the adoption of electronic payments and facilitating cash displacement.
“Powered by the multi-layered safety and security features of our cutting-edge tokenisation technologies, mada Pay will boost consumer confidence in mobile payments and help reduce the Kingdom’s reliance on cash.”
Saudi Arabian Monetary Authority general manager of General Department of Payments Systems Ziad Al-Yousef said: “Enriching our payments infrastructure with mobile payment capability able to host dual schemes to function locally and internationally is indeed an achievement on a global level that we are very proud to have achieved through our partnership with Mastercard.
“mada Pay is certainly one of the gears that we intend to continue depending on to make people’s life easier and smoother during the payment step at retail checkout points.”