Mastercard and mada partner to enable online payment transactions in Saudi Arabia

Riyadh, Saudi Arabia: mada, Saudi Arabia’s domestic payment network, and Mastercard, a leading technology company in the global payments industry, announced the launch of a joint partnership initiative to enable online payments using Mastercard’s Payment Gateway Services technology.

Furthermore, all local online merchants will be enabled to accept mada cards as a primary mode of payment on their websites. Opening up online payments via the mada network will drive economic growth by offering mada cardholders and domestic merchants the opportunity to transact online.

“mada represents the innovative generation of electronic payments in Saudi Arabia and one of the fastest growing payment systems in the world. Utilizing Mastercard’s technology to facilitate online payments via the network will enable Saudi businesses to significantly increase their eCommerce sales by offering consumers more flexibility and convenience and diversify their available payment options,” said Ziad Al Yousef, General Director of Payment Systems Department at the Saudi Arabian Monetary Authority (SAMA).

“We are delighted to partner with the Kingdom’s domestic payment network, mada, and use our Payment Gateway Services technology to make payments safe, simple, and smart in Saudi Arabia, as we work towards our vision of a world beyond cash,” said Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.

mada payment network facilitates all transactions throughout the Kingdom, one of the biggest economies in the Middle East. The mada network connects all financial transactions from automated teller machines (ATMs) and point-of-sale (POS) terminals throughout the country to a merchant’s bank and the card issuer bank. During the past year, mada achieved record levels of the number and values of transactions, which amounted to more than 1.5 billion and a total estimated amount of SAR 641 billion, respectively.

About Mastercard:

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

Mastercard Payment Gateway Services www.mastercard.com/gateway is proudly part of Mastercard. We offer advanced payment processing and fraud prevention technology to merchants, technology partners and acquirers. Our Gateway technology enables consumers to buy online goods and services from our clients using the payment method of their choice. Our unique white label solution gives acquiring banks the advantage of using our Gateway as their own.

About mada:

mada is the national payment scheme in the Kingdom Of Saudi Arabia and is intended

To deliver the next wave of innovation and excellence in retail payment services across

The country and beyond whilst remaining true to our values.

Through an advanced payment infrastructure, mada connects its Member Banks to each other

And with other payment schemes such as GCCNET,VISA, Mastercard ,UPI and American Express to provide mada cardholders with a wider acceptance locally, regionally and internationally.

The mada infrastructure permits all automated teller machines (ATMs) and point of sales (POS)

Terminals in the Kingdom to accept mada cards and those issued by international payment schemes.