back Back

Mastercard, Central Bank of Jordan team to boost digital payments

By Delisha Fernandes

March 04, 2024

  • Central Bank of Jordan
  • Digital Payments
  • Financial Inclusion
Share

Mastercard, Spire

Mastercard and the Central Bank of Jordan (CBJ) collaborate to develop a payment ecosystem digitization blueprint for the country.

The collaboration supports the Central Bank of Jordan’s broader efforts to unlock economic growth through promoting acceptance of digital payments, increasing financial inclusion, and combatting high cash usage.

“At the heart of every thriving, inclusive economy are interactions between its people, government, and businesses. In this context, Mastercard serves as a trusted partner, technology provider and advisor to governments in the region and beyond. We offer innovative technology solutions, digital platforms and insights that deliver a seamless and secure payment experience to citizens with the aim of building a connected world that works for everyone,” said Adam Jones, Country General Manager, MENA Central, Mastercard.

The Central Bank of Jordan will benefit from Mastercard’s global expertise to accelerate economic and payments digitization and improve acceptance. Mastercard will use its proven approach, which includes a deep analysis of payment flows between businesses, consumers, and the government with a focus on addressing pain points, such as policy and regulation.

This collaboration represents a strategic roadmap guiding businesses and consumers towards a more efficient, secure, and accessible financial future. It paves the way for a more connected economy that fosters innovation, drives inclusion, and fuels economic growth.

Currently, most of payments in Jordan are in cash. Economies that are cash-reliant bear significant costs in many forms, such as underreported income, with informal economies accounting for up to 40% of the GDP. Moreover, cash is less secure and can be costly for businesses to handle. Merchants and consumers can both benefit from enhanced financial education on the various benefits they can both reap from the use of digital payments.

Previous Article

March 04, 2024

IDEX Biometrics launches biometric card with Accomplish Financial

Read More
Next Article

March 04, 2024

Payer to facilitate American Express for B2B Payments in Nordics

Read More








IBSi Daily News Analysis

bahrain, islamic finance

April 17, 2024

Central Bank of Jordan

Sovereign upgrades elevate Sukuk ratings; GCC debt markets on track to break $1tn barrier

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

NatWest partners with StoneX to enhance cross-border FX service

Read More

Today

FinTech NPST appoints Ram Rastogi as an Independent Director

Read More

Today

Aurora Payments launches ARISE, a one-stop payment platform for SMBs

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023