Mastercard has partnered with Saudi Arabia-based payment network mada to introduce a new mobile payment wallet called mada Pay in the country.

The new solution features tokenised multi-issuing and contactless capabilities. It will enable users to make fast and secure payments at near field communication (NFC)-enabled point-of-sale (PoS) terminals.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

mada Pay is backed by Mastercard Digital Enablement Service (MDES). The service utilises various advanced payment technologies, including EMV, tokenisation and cryptography.

In addition, the solution leverages mada tokenisation platform to ensure secure local and international transactions while shopping online, in-store or in-app.

Mastercard cluster head for Saudi Arabia and Bahrain JK Khalil said: “Advanced payment technologies like the mada Pay mobile payment solution are set to contribute to the Kingdom’s Vision 2030 digital roadmap, by increasing the adoption of electronic payments and facilitating cash displacement.

“Powered by the multi-layered safety and security features of our cutting-edge tokenisation technologies, mada Pay will boost consumer confidence in mobile payments and help reduce the Kingdom’s reliance on cash.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Saudi Arabian Monetary Authority general manager of General Department of Payments Systems Ziad Al-Yousef said: “Enriching our payments infrastructure with mobile payment capability able to host dual schemes to function locally and internationally is indeed an achievement on a global level that we are very proud to have achieved through our partnership with Mastercard.

“mada Pay is certainly one of the gears that we intend to continue depending on to make people’s life easier and smoother during the payment step at retail checkout points.”