Visa partners with Mada to launch a new mobile-based payment app
VISA has announced that it has partnered with Mada, Saudi Arabias national payment scheme, to launch Mada Pay, reported local daily, Saudi Gazette.
The collaboration saw the unveiling of a first mobile payment solution that supports contactless (NFC) transactions in the Kingdom.
The applications built-in security allows the application to replace card data, including the 16-digit card number, with a token to protect cardholders account information.
Additionally, during a transaction, a token is selected (either a Mada or Visa token) and submitted into the payment process rather than the actual card information and the selected token depends on the type of card being use and geographical location where the transaction occurs.
Ziad Al Yousef, General Manager of the General Department of Payments Systems at the Saudi Arabian Monetary Authority, said, “We are pleased to be partnering with Visa and other international players to deliver such a safe, convenient and interoperable new way to pay.”
“Offering consumers, a digital application is an important step forward in supporting the governments efforts to achieve Vision 2030,” added Al Yousef.