Mastercard, in collaboration with Saudi Payments, recently hosted the Mastercard Saudi eCommerce Forum 2019. The event brought together key players and innovators in the Saudi financial sector to discuss the latest global and regional eCommerce market dynamics and the global growth trends that are shaping the payment ecosystem.
The forum, which took place in Riyadh, supports the Saudi 2030 Vision to make 70 percent of all payments electronic by 2030. More than 70 industry experts and leaders engaged in a series of interactive sessions to share data-driven, strategic insights and actionable takeaways of what successful businesses are doing to overcome cross-border issues, eliminate operational and security threats, and optimize customer acquisition and engagement.
Ziyad AlEisa, VP of Business at Saudi Payments said: “Electronic payment methodologies in KSA are witnessing a dramatic shift in its advancements, thanks to the solid infrastructure that we have in Saudi and the unlimited support of the Saudi Arabian Monetary Authority (SAMA) and collaboration with global partners like Mastercard. We have seen a significant use of online payments in the local eCommerce sector since we launched online payments via the mada network in 2018. By the end of Q3, mada eCommerce transactions have reached over 21 million transactions since the beginning of 2019, and a total value of over SAR 5 billion. This indicates how critical and promising the eCommerce sector is for us, and the aspirations that we want to achieve in this sector through strengthening our collaboration with our partners.
Keith Douglas, EVP, Mastercard Payment Gateway Services said: “Saudi Arabia’s financial landscape is undergoing a period of transformation as advancements in technology and innovation continue to drive the digitalization of payments. Saudi Arabia’s authorities have made cash reduction a key priority, and Mastercard, as a leading trusted payments technology partner, fully supports this step and remains committed to driving innovation in the Kingdom.”
Saudi Payments has been instrumental in encouraging customers to make the shift to digital payments in the country. Central to technological innovation, they introduced contactless payments, launched a mobile payments unified infrastructure which expedited the adoption of mobile payments, and enabled the use of debit cards for online payments, leading to a significant improvement in the Kingdom’s payments infrastructure.