Online payments solutions provider Checkout.com has become the first payment solutions provider (PSP) to accept payments through Saudi Arabia’s domestic payment network called mada.
In Saudi Arabia, mada links all ATM and point of sale (POS) terminals to merchant and card issuer banks.
The tie-up with Checkout.com will enable mada cardholders and merchants to make online transactions.
The online payments firm expects the move to boost e-commerce growth, as more than one billion transactions are routed annually via mada.
Checkout.com VP of business development for MENA Remo Giovanni Abbondandolo said: “mada is one of the fastest growing payment systems in the region and our partnership will help drive the already strong growth of e-commerce in the Kingdom. Incorporating the mada network into the Checkout.com platform allows Flyin.com – and other businesses that operate in the region – to offer consumers a more diverse and convenient range of payment choices.”
Checkout.com uses proprietary payment technology to link e-commerce firms with credit and debit cards and alternative payment methods. The firm currently processes payments in more than 150 currencies.