Visa Increases Its Saudi Payments Infrastructure Through Implementation of Domestic Acceptance System
Visa, a global leader in digital payments, is making significant strides in the Saudi Arabian market. The company is working towards certification with the new eCommerce payments interface launched by the Saudi Central Bank for mada card support.
This move is part of Visa's expanded local payments infrastructure, aimed at supporting Saudi Vision 2030's goal of building a globally competitive digital economy. The local hosting of the Visa Acceptance Platform reflects Visa's commitment to innovating new ways to better serve local merchant partners in Saudi Arabia.
Ali Bailoun, Visa's Regional General Manager for Saudi Arabia, Bahrain, and Oman, stated that the local hosting of the platform is a continuation of investments in Saudi Arabia's payments infrastructure.
Once integrated with the new eCommerce payments interface, the Visa Acceptance Platform will offer faster, more reliable, and fully compliant payment processing. The platform supports 50 different currencies and will enable mada and digital wallets for recurring and one-off payments.
The Visa Acceptance Platform is accessible to Saudi businesses for faster and more secure payments through CyberSource. It connects to over 100 independent software vendors (ISVs) and is used by over 450 payment service providers (PSPs).
The platform supports various transaction types, including authorization followed by capture, card-on-file, and recurring payments for mada cards. With these advancements, Visa reaffirms its role as a trusted partner in Saudi Arabia's digital economy.
The platform is expected to drive the next phase of growth in Saudi Arabia, where non-cash transactions already account for 79%. Visa empowers local merchants with innovative, secure, and future-proof payment solutions that drive growth and support the Kingdom's vision for digital payments.
The Visa Acceptance Platform is active for over 450,000 merchants each month across 160 countries. It will deliver a smoother checkout experience for consumers, meeting the rising demand for secure and flexible payment options in Saudi Arabia.
With these developments, Visa reinforces its commitment to fostering a digital economy in Saudi Arabia, aligning with the country's Vision 2030 ambitions. The local hosting of the Visa Acceptance Platform marks a significant first for the company, further cementing its position as a key player in the Saudi Arabian market.
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