Saudi Payments, Saudi Arabian Monetary Authority (SAMA) subsidiary, and the operator of national payment network (mada), has partnered with JCB International Co., Ltd. (JCBI), the international operations subsidiary of JCB Co. Ltd., to enable the acceptance of JCB cards in the Kingdom as part of its policy in opening the way for global payment companies and systems to enter the local market in order to support the its strategy to enrich the payments environment in the Kingdom and provide modern payment methods in a way that reduces cash and raising the level of competition in this sector, in addition to its consistency with the goals of Vision 2030 in serving religious visitors and tourists and providing them with various payment methods.
This partnership will enable mada network to accept JCB payments through the platform. This will facilitate local acquiring banks to accept JCB cards through their network of Point of Sale Terminals and ATM terminals deployed throughout Saudi Arabia and also provide greater convenience for JCB’s growing cardholders in Islamic markets such asIndonesia.
As part of its commitment and confidence in the Kingdom’s ever-expanding payments ecosystem, JCB will also be opening an office in Riyadh to develop and enhance its presence in the Saudi Arabian market.
Saudi Arabia is the most significant market for JCB to expand the issuance of JCB cards in the Islamic region. Saudi Arabia is one of the most important travel destinations for our cardholders. With the Kingdom’s enhanced Vision 2030 strategy and the ever-increasing close ties between Saudi Arabia and Japan, I am delighted that we have entered into this partnership Saudi Payments for the acceptance of JCB cards,” said Mr. Yoshiki Kaneko, President of JCBI. “Over the coming months we will be announcing partnerships with local banks to expand our acceptance infrastructure in Saudi Arabia, to cater for both the business and touristic needs of our cardholders.”
Ziad Al Yousef, Managing Director of Saudi Payments said: “This partnership is vital step to enhance the digital payment infrastructure in the Kingdom, by providing more options for customers. At the same time, our partnership with JCB aims to enable mada network to accept JCB cards, which will be used through sale points. Based on this step, we seek to transform our society into a less cash dependent.”