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 to Mastercard partners and consumers, while also supporting the Kingdom of Saudi Arabia’s digital commerce expansion.
SAMA supports the 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 facilitates digital payment solutions and risk management, offering over 30 payment tools including fraud detection and prevention features for businesses, while customers can benefit from enhanced network security.
Network security is a broad term referring to the protection of computer systems and networks from theft. It can also encompass measures against hardware, software, or electronic data damage, as well as countermeasures against service interruptions or deception. The term “network security” did not exist until recently, as it was first used in 1989. In today’s network security context, it refers to measures taken to protect computers or computer networks.
Adam Jones, President of Mastercard in Saudi Arabia, stated, “As a company committed to economic development and empowering people, we understand the importance of world-class payment infrastructure.”
“We are proud of our long history in Saudi Arabia, and our launch of secure technological infrastructure in the country is a milestone moment that reinforces our commitment to digitization and diversification. We will continue to closely collaborate with local leadership to drive Saudi Arabia’s payment ecosystem, empowering its people and businesses.”
Digital payments surge 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 notes that the adoption of digital payments in the Kingdom of Saudi Arabia has increased due to the promotion of secure and convenient payment options for businesses and consumers.
Through the Mastercard Gateway, Saudi Arabian merchants will have access to the global market through networks of over 200 acquiring institutions. The platform also connects them to over 110 million acceptance locations worldwide. In 2023, the Mastercard Gateway processed over 950 million payments in Saudi Arabia.
