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 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.

MWL, UPEACE join hands to promote peace, civilized dialogue

Updated 58 min 18 sec ago

MWL, UPEACE join hands to promote peace, civilized dialogue

RIYADH: The Muslim World League (MWL) and the UN-mandated University for Peace (UPEACE) have launched a book dedicated to the promotion of peace, human rights, and dialogue among civilizations.

The work, co-authored by 32 leading religious, international, political, intellectual, and media figures from around the world, was launched in Jeddah to mark the UN’s 75th anniversary and 100 years of multilateralism.

Dr. Mohammed bin Abdulkarim Al-Issa, secretary-general of the MWL, said: “I have always said that 10 percent of humans are capable of bringing peace and harmony to our world.

“Religious leaders and public and private institutions, including international institutions, have a responsibility to contribute effectively to achieving our common aspirations.

“A civilized alliance must be reached that represents the reality of understanding, tolerance, and cooperation of all, as well as promoting awareness of the fact that God has established the principles of difference, diversity, and pluralism.”

Al-Issa added: “History has given us lessons and sermons that prove that there is no victor in civilizational clashes and conflicts, which means that ideas can only be communicated through wisdom and mutual respect.”

Alvaro Iranzo Gutierrez, the Spanish ambassador to Saudi Arabia, said Spain had also tried to play a role in international efforts aimed at providing a structure for dialogue between communities and religions.

He pointed out that the book’s research, coordinated by UPEACE and the MWL, provided “the necessary and comprehensive intellectual refutation of all the negatives in order to rise above the perceptions of the past that highlights divisions.”

Francisco J. Chacon Hernandez, Costa Rica’s ambassador to the UAE and Jordan, congratulated the MWL and UPEACE on the “inspiring” work that he said would help pave the way for peace.