SAMA’s Saudi Payments and Discover sign a strategic network alliance agreement

By Edil Corneille

Discover and Saudi Payments have signed a strategic agreement with the objective to increase the global acceptance footprint for both organizations. Saudi Payments is a wholly-owned subsidiary of the Saudi Arabian Monetary Authority (SAMA), the central bank of the country.

The agreement will give Discover, Diners Club International, PULSE and network alliance cardholders the ability to use their card on the mada network. This includes at Point-of-Sales (POS), on e-commerce platforms and at ATMs across the Kingdom. It also allows Saudi banks to issue cards that will be accepted on the Discover Global Network for international purchases and cash access outside of the Kingdom.

Saudi Payments Managing Director Ziad bin Bandar Al-Yousef said, “The new partnership with Discover Global Network reflects Saudi Payments’ commitment to provide multiple payment options in the Kingdom’s digital payments sector and supports the Kingdom’s target of becoming a 70% cashless society by 2030. This will increase choice for all our stakeholders, including citizens, residents, tourists and pilgrims and make transactions smoother and easier.”

The alliance enhances Saudi Payments’ strategy to grow the number of options available in the Kingdom’s digital payment environment, thereby providing more choices to consumers. It will benefit customers by increasing the number of payment options available and provide them with access to over 48 million outlets in 200 countries.

“Through alliances with regional payments networks such as Saudi Payments, Discover is able to continue to provide our partners with the global reach and localized solutions that they value,” said Matt Sloan, Vice President of International Markets at Discover.

Discover Global Network cardholders will have access to more than 470,000 POS terminals at local merchants and over 18,000 ATM access locations in Saudi Arabia.