Saudi Gazette, Wednesday, Jul 17, 2024 | Muharram 11, 1445
Strategic partnership between Saudi Awwal Bank and UnionPay International fuels Saudi Vision 2030 tourism drive
Saudi Arabia:
In a strategic step towards enhancing the
digital payment ecosystem in the Kingdom, Saudi Awwal Bank, a leading bank in
the Kingdom of Saudi Arabia, announced its strategic partnership with UnionPay,
a world-leading payment network.
This partnership marks a major milestone in increasing merchant UnionPay
coverage. It will empower “SAB” to enable digital acceptance of UPI payments
across physical stores, ATMs, and e-commerce platforms.
Acceptance of UPI cards in the Kingdom will ease international tourists' and
pilgrims' transactions using their cards on “SAB” POS and ATMs, followed by
e-commerce later this year. This initiative aligns with the nation’s goal of
fostering a robust digital infrastructure and driving economic growth by
accelerating the transition towards a cashless society.
Yasser Al-Barrak- Chief Corporate and Institutional Banking Officer at SAB,
commented: "This collaboration reflects our commitment to providing innovative
and effective payment solutions that will further modernise the Kingdom’s
payment landscape which aligns with the aspirations of Saudi Vision 2030 and
provide unparalleled convenience for everyone.”
He added: “We believe that this partnership will have a positive impact on
commerce and tourism between the Kingdom and China, support our plans to enhance
the digital economy and provide a secure alternate payment method to cater to
the evolving demand of our customers and achieve satisfaction and trust.”
James Yang, General Manager of UnionPay International in the Middle East, said:
"This partnership with “SAB” marks a significant milestone for UPI in the
Kingdom. By enabling convenient and secure payments for travelers and local
consumers, we are catering to individual needs and contributing to the Kingdom's
digital transformation journey."
He added: “UPI is a global network with a regional focus. This collaboration is
a testament to our commitment to global expansion while remaining laser-focused
on regional needs. UPI continues to expand its footprint with its network now
reaching 183 countries and regions, including 15 in the Middle East.”
This step also signifies the bank's aspirations to contribute to supporting the
digital economy in the Kingdom and to offer innovative financial services that
meet the expectations and needs of customers, reinforcing the Kingdom's position
as a leading financial center in the region.