Saudi electronic payment system ‘mada’ excels in use of Apple Pay

Saudi electronic payment system ‘mada’ excels in use of Apple Pay
Updated 31 May 2019

Saudi electronic payment system ‘mada’ excels in use of Apple Pay

Saudi electronic payment system ‘mada’ excels in use of Apple Pay
  • Saudi Arabia is the first in the world to have Apple Pay services provided through a national payment scheme

RIYADH: Mada, the new identity of the Saudi Payment Network, is making great progress in the integration and use of Apple Pay, experts say.

Apple Pay was launched in the Kingdom in February, and the country is the first in the world to have its services provided through a national payment scheme.

Mada has made it easier for local banks to use Apple Pay by providing the necessary infrastructure, according to economist Talat Zaki Hafiz. “From the moment the service was launched, customer desire to use it has increased daily, and the service is supported by 92 percent of Point of Sale devices in retail outlets in the Kingdom,” he told Arab News.

“Undoubtedly the economic impact of using e-payment benefits the customer. Payment is quick and efficient, and it allows the customer to avoid carrying cash.

“The cost of printing money to any government varies from 1 to 3 percent of gross domestic product, so by moving to digital electronic payments, we will reduce costs. Moreover, the more we excel in the e-payment sector, the better for the Kingdom’s Vision 2030,” Hafiz said.

He added that the government was aiming to move from a cash-based society to a non-cash based society as part of Vision 2030, seeking to increase the percentage of e-payments from 18 percent of total transactions in 2016 to 28 percent by 2020, with the grand goal of 70 percent by 2030.

This will result in people having less cash in their pockets, which will help facilitate commerce, track money more easily, combat fraud, theft, corruption and loss, and be good for the environment. 

Apple Pay is an e-payment system built using near-field communication techniques.


Saudi Arabia’s crown prince, Iraqi president discuss cooperation

Saudi Arabia’s crown prince, Iraqi president discuss cooperation
Updated 46 min 48 sec ago

Saudi Arabia’s crown prince, Iraqi president discuss cooperation

Saudi Arabia’s crown prince, Iraqi president discuss cooperation
  • They discussed relations and ways of enhancing them in all fields

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call from Iraqi President Barham Salih, Saudi Press Agency reported on Tuesday.
During the call, they reviewed relations between the two countries, in addition to discussing ways of enhancing bilateral cooperation in a way that serves the interests of the two countries in various fields, within the framework of the Saudi-Iraqi Coordination Council.
Saudi Arabia and Iraq opened the Arar border crossing for trade for the first time in three decades in November last year. The crossing had been closed since 1990 after the two countries cut ties following Saddam Hussein’s invasion of Kuwait.
Also in November, a Saudi delegation led by the Kingdom’s commerce and industry and agricultural ministers visited Baghdad as part of the framework of the Saudi-Iraqi Coordination Council and the Economic, Trade, Investment, Development and Joint Relief Committee.
A Saudi-Iraqi businessmen forum was also launched on the side-lines of the visit, under the auspices of the Iraqi Prime Minister Mustafa Al-Kadhimi. 
The Saudi-Iraqi rapprochement extends back to 2015, when Saudi Arabia reopened its embassy in Baghdad following a 25-year break.
In July Saudi Arabia and Iraq signed investment agreements on energy and sports.