(MENAFN) Saudi Payments, also known as Mada, has received the prestigious Best Payment Experience of 2023 award at the Seamless Middle East event in Dubai, further solidifying Saudi Arabia's position in the digital economy landscape. Operating under the oversight of the Saudi Central Bank, Mada was recognized for its exceptional public transport payments services within the Kingdom's urban mobility sector.
The innovative payment system introduced by Mada enables all cardholders to conveniently pay for public transportation using their Mada cards, eliminating the reliance on cash and advancing the country's digital transformation objectives. Typically issued by Saudi banks and linked to the cardholder's bank account, Mada cards facilitate real-time, secure, and reliable transactions. While primarily used by customers domestically, these cards have recently been co-branded with global payment providers such as Visa or Mastercard, allowing for international purchases.
This technical solution not only supports transactions via both smartphones and traditional plastic cards but also accelerates the adoption of digital payments throughout the Kingdom. With its robust infrastructure, Mada serves as a crucial pillar for digital payments in Saudi Arabia, offering a range of innovative solutions such as the Saudi Arabian Riyal Interbank Express, the bill payment platform SADAD, and the e-invoicing platform Esal.
The recognition of Mada's Best Payment Experience at the Seamless Middle East event underscores the organization's commitment to providing seamless, convenient, and secure payment experiences for individuals and businesses alike. By leveraging technology and collaborating with various stakeholders, Mada contributes to the growth and development of the digital economy in Saudi Arabia, promoting financial inclusivity and driving the country's progress towards a cashless society.
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