Visa, the global digital payments firm, on Tuesday launched Apple Pay to its Saudi-based cardholders.
Apple Pay will allow Visa cardholders across the kingdom to make payments using their Apple devices while ensuring that their financial details are private and secure.
Security and privacy are at the core of Apple Pay. When you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Each transaction is authorised with a one-time unique dynamic security code.
The introduction comes as research by Visa Consulting and Analytics showed millennials account for 40 percent of Saudi Arabia’s population, with smartphone penetration levels reaching nearly 74 percent overall.
There is an overall desire to try new solutions, with 80% of respondents stating that they have performed a contactless transaction and were open to do so again.
Ali Bailoun, Visa’s general manager for Saudi Arabia, said: “As a country filled with tech-savvy, mobile-first consumers, we are delighted to work with Saudi Payments and our bank partners to help bring Apple Pay to Visa cardholders here, making their payments experience easier, faster and more secure than ever before.
“This launch also aligns with one of the goals of Vision 2030 of creating a cashless society, and we enthusiastically welcome Apple Pay to the market and are excited to help Saudi Arabia usher in this new era of payments.”
Ziad Al Yousef, managing director of Saudi Payments, added: “We are pleased to bring Apple Pay to the kingdom to help drive the continuing evolution of Saudi Arabia’s payments landscape. This technology offers consumers a hassle-free and unique contactless payment experience, making it an attractive option for Saudi consumers looking for quick and secure ways to pay.”
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