Japans JCBI partners with Saudi Payments to enter market

Saudi Payments, a Saudi Arabian Monetary Authority (SAMA) subsidiary, and the operator of national payment network (Mada), has partnered with JCB International Co., Ltd. (JCBI), the international payments brand from Japan, to enable the acceptance of JCB cards in the Kingdom as part of its policy of opening the way for global payment companies and systems to enter the local market.

The move aims at enriching the payments environment in the Kingdom, providing modern payment methods in a way that reduces cash and raising the level of competition in this sector. It is also consistent with the goals of Vision 2030 in serving religious visitors and tourists and providing them with various payment methods.

This partnership will enable the Mada network to accept JCB payments through the platform. It will facilitate local 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 as Indonesia.

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 ties between Saudi Arabia and Japan, I am delighted that we have entered into this partnership with Saudi Payments for the acceptance of JCB cards,” said 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 a 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 the 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 society.”