Business & Money | Sunday 24 December, 2017 3:35 pm |

Riyad Bank, one of the largest financial institutions in Saudi Arabia, announced the launch of the Mastercard Digital Enablement Service (MDES), becoming the first local bank to offer the new global digital payment service in the Kingdom.

The Mastercard Digital Enablement Service (MDES) is a platform that supports the management, generation and provisioning of digital payment credentials into mobile devices to enable simpler and more secure digital payment experiences.

 

With shopping becoming an increasingly multi-channel process, MDES is making purchasing even faster, simpler and more secure. After adding their card details to Riyad Bank wallet application on their smartphone, consumers no longer need to pull out their card at checkout: they simply tap on a contactless-enabled POS terminal and enter their password to complete the payment. MDES optimizes in-store checkout experience, making everyday payments hassle free. This kind of simplicity is fundamental to the growth of electronic payments.

 

“The digital revolution we are currently witnessing, augmented by the increased growth in e-commerce and the proliferation of smartphones and tablets, means that any connected device has the potential to become a commerce device. As our global digital payment service goes live in Saudi with Riyad Bank, Mastercard cardholders as well as merchants in Saudi, will enjoy the benefits of safety, security and convenience,” said Khalid Elgibali, Division President for Middle East and North Africa, Mastercard.

 

MDES guarantees the highest possible standards of security and privacy. It offers the bank’s cardholders a variety of services and the ability to make transactions and manage their cards via a mobile banking application. The reliability and security of transactions offered by Riyad Bank, along with the global MDES, now ensure maximum security for payments made via smartphones and credit or prepaid cards issued by Riyad Bank, anywhere and anytime.

 

Benefit for retailers

MDES enables retailers to offer a fast, simple shopping experience, thereby reducing queues and time at checkout.

 

Saudi consumers will now be able to use the service when shopping from many types of Android devices while the retailers using contactless POS terminals will be able to offer fast and secure payments to international customers.

 

Riyadh Al-Zahrani, Executive Vice President, Retail Banking, Riyad Bank, said: “Riyad Bank has always been at the forefront of innovation in the Banking and Payments space. The launch of MDES is another example of providing cutting edge payments solution to our customers. Now, they can pay using their mobile phones, and will not need to carry cash or plastic cards.”