Visa Bolsters Its Saudi Payment Infrastructure Through Deployment of Domestically-Based Acceptance System
In a groundbreaking move, Visa has announced the local hosting of its Visa Acceptance Platform in Saudi Arabia. This world-first implementation underscores Visa's continued investment in payments infrastructure in the kingdom, aligning with the Saudi Central Bank's mandate.
Ali Bailoun, Visa's Regional General Manager for Saudi Arabia, Bahrain, and Oman, stated, "Hosting the Visa Acceptance Platform locally underscores Visa's continued investment in payments infrastructure in Saudi Arabia. This move is intended to help drive the next phase of growth to support Vision 2030's digital economy ambitions."
The Visa Acceptance Platform, which is used by over 450 payment service providers (PSPs) and connects to over 100 independent software vendors (ISVs), will bring ease of use to over 450,000 active merchants each month across 160 countries. With this expansion, Saudi businesses will be able to accept payments faster and more securely on CyberSource, a Visa Acceptance Platform offering.
Rob Cameron, Global Head of Acceptance Solutions at Visa, responsible for shaping the future of payment acceptance, reaffirmed Visa's role as a trusted partner in Saudi Arabia's digital economy with these advancements. Cameron, who previously served as CEO of Barclaycard Payments and has over 20 years of experience in payments across Europe and North America, based in London with a Bachelor of Arts from Western University, stated, "Once integrated with the new eCommerce payments interface, the Visa Acceptance Platform will provide faster, more reliable, and fully compliant payment processing."
The Visa Acceptance Platform will allow merchants to offer mada and digital wallets for recurring and one-off payments. This will enable merchants, payment service providers, and acquirers in Saudi Arabia to enable digital wallet recurring transactions. The platform supports a range of transaction types essential for modern commerce, such as authorization followed by capture (two-stage), card-on-file, and recurring payments for mada cards.
The platform's implementation is central to Saudi Vision 2030's goal of building a globally competitive digital economy. Once Visa completes certification with the new eCommerce payments interface launched by the Saudi Central Bank "SAMA", mada cards will be available for use. This will deliver a smoother checkout experience for consumers and empower local merchants with innovative, secure, and future-proof payment solutions.
The Visa Acceptance Platform supports 50 different currencies, underscoring its global reach and versatility. With this expansion, Visa reaffirms its role as a key player in Saudi Arabia's digital economy, helping to drive growth and support Vision 2030's digital economy ambitions.
Read also:
- Ford Discontinues Popular Top-Seller in Staggering Shift, Labeled as a "Model T Event"
- 2025 Witnesses a 27% Surge in Worldwide Electric Vehicle Sales, Despite Opposition to Electrification Policies in the U.S.
- Recorded surge in electric vehicle registrations during the initial half of the year
- Dubai-bound: Omega Seiki Mobility, an electric vehicle company from India, prepares for assembly establishment
