Visa and Saudi mada partner to launch new mobile-based application, mada Pay
mada Pay is the first application that supports contactless (NFC) transactions to launch in Saudi Arabia.
Visa’s contribution to the application is to support payment with Visa-mada co-badged (debit and prepaid) cards as well as Visa credit and Visa prepaid cards, underpinned by its market-leading payment security solution, Visa Token Service.
Visa is committed to building a safe and seamless payments infrastructure in the Kingdom, with mada Pay, backed by joint tokenization technologies provided by Visa and mada to safeguard consumers’ payments.
Riyadh, Saudi Arabia: Visa (NYSE:V), the world leader in digital payments, today announced that it has partnered with mada, the national payment scheme, to bring Saudi consumers mada Pay, the first mobile payment solution that supports contactless (NFC) transactions to launch in the Kingdom.
mada Pay is an Android-based mobile application that enables cardholders to make fast, easy and secure contactless mobile payments at NFC-enabled merchants throughout Saudi and abroad with KSA-issued Visa cards (credit and prepaid). Visa and mada co-badged (debit and prepaid) cards can also be used with mada Pay.
The mada Pay app features built-in security technology enabled by Visa Token Service and mada Tokenization Platform that replaces card data, including the 16-digit card number, with a “token” (a random number), to protect cardholders’ account information. During the transaction, the token is selected (either a mada or Visa token) and submitted into the payment process rather than the actual card information, depending on the type of card and geographical location where the transaction occurs. This means that users of digital applications such as mada Pay are able to pay, safe in the knowledge that they are protected by multiple layers of security.
Ali Bailoun – Visa’s General Manager for Kingdom of Saudi Arabia, said: “We’re delighted to be partnering with mada to launch mada Pay, the first digital application of its kind in Saudi Arabia, a secure and innovative cashless made possible by our joint secure tokenization technologies. This initiative reflects our commitment to supporting Saudi Arabia’s Vision 2030 by leveraging our global capabilities and solutions to help build a secure, seamless and modern payments infrastructure that will facilitate the shift towards cashless commerce.”
15 JULY, 2018
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