Payments News

On The Web

nbsp;

Global

Saudi Arabia Among Top Countries Globally for Contactless Payment Adoption: Visa

“Saudi Arabia is among the top markets globally for contactless payment adoption, with nine in 10 transactions made with contactless cards or devices throughout the Kingdom, according to digital payments giant Visa. In line with Saudi Vision 2030’s goal to reduce the country’s reliance on cash, Saudi Arabia has made great strides in near-field communication adoption, […]
nbsp;

Global

UnionPay International Reaches Deal with KSA’s Bank Albilad (Saudi Arabia)

“UnionPay International Middle East Branch (UPI) has expanded its acceptance in Saudi Arabia thanks to a cooperation deal with Bank Albilad (BAB), one of the kingdom’s largest shariah-compliant Islamic banks. BAB is UnionPay’s fifth partnership in the country and the first to sign up since 2018, giving UPI customers full access to all BAB’s points […]
nbsp;

Global

FSB Sets Out Performance Indicators for Progress on Boosting Cross-Border Payments

“In 2020, the FSB put together a roadmap for boosting cross-border payments in response to Saudi Arabia making the improvement a priority of its G20 presidency.Last year, the board set quantitative global targets for addressing the four challenges faced by cross-border wholesale, retail and remittance payments – cost, speed, access, transparency. But, the organisation admits […]
nbsp;

Deals

Checkout.com Leads $110 Million Round for Saudi Fintech Tamara

“Checkout.com is leading a $110 million funding round for Saudi payments firm Tamara in one of the Middle East’s largest-ever startup investments as demand booms for e-commerce and fintech solutions. Proceeds of the Series A capital raise, which includes both equity and debt, will be used to bankroll Tamara’s expansion across the Gulf markets by […]
nbsp;

Global

Riyad Bank to issue contactless bracelets

“Saudi Arabia’s Riyad Bank is getting into the wearables market, launching a contactless bracelet and stickers for cell phones. Fitted with Gemalto’s contactless MiniTag, the bracelets may be linked to the user’s existing debit or credit account as well as to pre-paid accounts for swift tap-and-go shopping on the high street.”

On The Wires

nbsp;

Global

Saudi Payments Launches Instant Payments System ‘sarie’ in Cooperation With IBM and Mastercard | Middle East/Africa Hub

“Saudi Payments, under the supervision of the Saudi Central Bank (SAMA) announced the launch of Saudi Arabia’s instant payments system ‘sarie’ in cooperation with IBM (NYSE: IBM) and Mastercard (NYSE: MA), the leading technology company in the global payments industry. This collaboration marks a key milestone for payments innovation in the region and is aligned […]
nbsp;

Companies

Saudi Payments and Discover Sign Network Alliance Agreement

“Discover and Saudi Payments signed a strategic agreement that will increase the global acceptance footprint for both organizations. The agreement will give Discover, Diners Club International, PULSE and network alliance cardholders the ability to use their card on the mada network. This includes at Point-of-Sales (POS), on e-commerce platforms and at ATMs across the Kingdom. […]
nbsp;

Domains

MoneyGram Launches Partnership With Al Rajhi Bank to Transform Saudi Arabia Cross-Border Payments Market

“MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, today announced that it has entered into a strategic partnership with Al Rajhi Bank, the largest Islamic bank in the world, and Tahweel Al Rajhi, the remittances arm of Al Rajhi Bank, to provide money transfer services in Saudi Arabia. The partnership covers both […]