mada, Saudi Arabia's domestic payment network, and Mastercard, a leading technology company in the global payments industry, introduced the launch of a joint partnership initiative to enable on the internet repayments using Mastercard's Repayment Gateway Services technology.

Furthermore, all local online merchants will be allowed to approve mada cards as a main mode of settlement on their websites. Opening up on the internet payments using the mada network will drive economic development by using mada cardholders and residential sellers the opportunity to transact online.

" mada represents for the innovative generation of electronic settlements in Saudi Arabia and one of the fastest expanding payment systems worldwide. Utilizing Mastercard's modern technology to assist in on-line settlements using the network will allow Saudi businesses to substantially enhance their eCommerce sales by providing customers extra versatility and benefit and expand their readily available repayment choices," said Ziad Al Yousef, General Director of Payment Solution Department at the Saudi Arabian Monetary Authority (SAMA).

" We are delighted to partner with the Kingdom's domestic payment network, mada, and use our Repayment Gateway Services innovation making settlements safe, simple, and smart in Saudi Arabia, as we function to our vision of a world beyond cash," said Khalid Elgibali, Division President, Middle East and North Africa, Mastercard.

mada repayment network facilitates all deals throughout the Kingdom, one of the largest economic situations in the Middle East. The mada network links all financial transactions from automated teller machines (ATMs) and point-of- sale (POS) terminals throughout the nation to a vendor's bank and the card issuer bank. During the previous year, mada attained record levels of the number and values of transactions, which totaled up to greater than 1.5 billion and a complete projected quantity of SAR 641 billion, respectively.