Mastercard launches local ecommerce payment processing in Saudi Arabia

Coin World News Report:
Mastercard has introduced a new technological infrastructure in Saudi Arabia to enable local processing of e-commerce transactions. The company stated that the system aims to provide secure and efficient payment services for Mastercard partners and consumers, while also supporting the Kingdom of Saudi Arabia’s push for digital commerce expansion.
SAMA supports launch of Mastercard Gateway
With the support of the Saudi Arabian Monetary Authority (SAMA), the initiative has established the Mastercard Gateway in the region. The platform enables digital payment solutions and risk management for over 30 payment methods, including fraud detection and prevention features for businesses, while offering enhanced network security for customers.
Adam Jones, President of Mastercard’s Saudi Arabia branch, stated, “As a company committed to economic development and empowering people, we understand the importance of a world-class payment infrastructure.”
“We are proud of our longstanding presence in Saudi Arabia, and our launch of secure technological infrastructure in the country is a milestone moment that strengthens our commitment to digitization and diversification. We will continue to closely collaborate with local leadership to drive the payment ecosystem in Saudi Arabia and empower its people and businesses.”
Surge in digital payments in Saudi Arabia
The local infrastructure aligns with Saudi Arabia’s Vision 2030, which aims to support the country’s digital economy and payment ecosystem.
Mastercard’s initiative also aims to promote innovation and economic diversification. The company has noted an increase in the adoption of digital payments in Saudi Arabia, driven by the availability of secure and convenient payment options for businesses and consumers.
Through the Mastercard Gateway, Saudi Arabian merchants will gain access to the global market through the networks of over 200 acquiring institutions. The platform will also connect them to over 110 million acceptance locations worldwide. By 2023, the Mastercard Gateway processed over 950 million payments in Saudi Arabia.