Visa Introduces Pioneering Cloud-Based Local Payment System in Saudi Arabia First
In a significant stride towards building a globally competitive digital economy, Visa has integrated its Visa Acceptance Platform with a new eCommerce payments interface. This move, central to Saudi Vision 2030, aims to provide faster, more reliable, and fully compliant payment processing for banks, Payment Service Providers (PSPs), and merchants.
Ali Bailoun, Regional General Manager for Saudi Arabia, Bahrain, and Oman at Visa, oversees the operations of the Visa Acceptance Platform. The platform is active with over 450,000 merchants each month across 160 countries, supporting 50 different currencies.
The Visa Acceptance Platform, now hosted on local cloud in Saudi Arabia, will make it easier for businesses in the Kingdom to offer their customers frictionless, secure digital payments experiences. The platform connects to over 100 independent software vendors (ISVs) and is used by more than 450 PSPs.
Saudi businesses will be able to accept payments faster and more securely on CyberSource, a Visa Acceptance Platform offering. Once Visa completes certification with the new eCommerce payments interface launched by the Saudi Central Bank, mada card recurring payments will be available.
This world-first implementation by Visa, in alignment with the Saudi Central Bank's mandate, reaffirms Visa's commitment to supporting the Kingdom's vision for digital payments in its rapidly evolving digital economy.
Rob Cameron, Global Head of Acceptance Solutions at Visa, emphasises Visa's role as a trusted partner in Saudi Arabia's digital economy, empowering local merchants with innovative, secure, and future-proof payment solutions.
The hosting of the Visa Acceptance Platform locally reflects Visa's continued investment in its payments infrastructure in Saudi Arabia. This expanded local payments infrastructure will help drive the next phase of growth to support Vision 2030's digital economy ambitions.
These advancements will enable merchants to boost approval rates, offer mada and digital wallets for recurring and one-off payments, and deliver a smoother checkout for consumers. The platform supports a range of transaction types essential for modern commerce, including authorization followed by capture (two-stage), card-on-file, and recurring payments for mada cards.
In conclusion, Visa's integration of its Visa Acceptance Platform with the new eCommerce payments interface is a significant step forward in Saudi Arabia's digital economy. As a trusted partner, Visa is empowering local merchants with innovative, secure, and future-proof payment solutions, contributing to the Kingdom's vision for digital payments and its rapidly evolving digital economy.
