Mubasher TV
Contact Us Advertising   العربية

Saudi Payments, Visa collaborate for new solution rollout

Saudi Payments, Visa collaborate for new solution rollout
The new solution will operate through Saudi Arabia’s mada

Riyadh – Mubasher: Saudi Payments, owned by the Saudi Central Bank (SAMA), has partnered with Visa to launch ‘Tap to Phone’ mobile acceptance solution, according to a press release on Monday.

The new solution will operate through Saudi Arabia’s national payments network ‘mada’. It will enable mainly small and micro businesses (SMBs) as well as merchants to accept contactless payments through smartphone devices using Near-Field-Communication (NFC) technology without having to use a separate physical device.

Saudi Payments Managing Director, Fahad Al Akeel, said: “With further penetration of contactless payments, we are confident that demand for secure and convenient digital payments through Tap to Phone technology will continue and even accelerate post-COVID-19."

More than 53% of merchants in Saudi Arabia showed keen interest in low-cost acceptance solutions, according to a recent Visa survey on Small Business Recovery, Visa's General Manager for Saudi Arabia, Ali Bailoun, commented.

Business owners will be able to download the ‘Tap to Phone’ app from their acquirer and once registered, they can begin accepting contactless payments within minutes. They will also benefit from viewing transactions and payment history.

Mastercard New Payments Index recently showed that consumer appetite for digital payments has increased in Saudi Arabia in line with the spread of COVID-19 pandemic.