Mastercard partners with Central Bank of Jordan to build a more robust digital payment ecosystem in the Kingdom
(MENAFN- Weber Shandwick) Amman, Jordan; 4 March 2024: Mastercard with Central Bank of Jordan (CBJ) collaborates to develop a payment ecosystem digitization blueprint for the country. The collaboration supports the Central Bank of Jordan’s broader efforts to unlock economic growth through promoting acceptance of digital payments, increasing financial inclusion, and combatting high cash usage.
The Central Bank of Jordan will benefit from Mastercard’s global expertise to accelerate economic and payments digitization and improve acceptance. Mastercard will use its proven approach, which includes a deep analysis of payment flows between businesses, consumers, and the government with a focus on addressing pain points, such as policy and regulation.
This collaboration represents a strategic roadmap guiding businesses and consumers towards a more efficient, secure, and accessible financial future. It paves the way for a more connected economy that fosters innovation, drives inclusion, and fuels economic growth.
“With its extensive expertise in assisting governments in driving digital transformation, MasterCard is one of our partners to develop a national payment digitization blueprint in line with the Economic Modernization Vision as one of the royal initiatives, and in line with the National Strategy for e-Payments in Jordan 2023-2025 that seek to :
- Reach a comprehensive and well-developed digital transformation that supports the provision of services electronically.
- Promote financial inclusion and facilitate and Support the Transformation to a Digital Cashless Economy in the Kingdom.
We plan to have several high-impact initiatives ready for implementation later this year. We expect this to be the start of a long-term collaboration to advance Jordan’s digitization journey,” said His Excellency Dr. Adel Al Sharkas, Governor, Central Bank of Jordan.
“At the heart of every thriving, inclusive economy are interactions between its people, government, and businesses. In this context, Mastercard serves as a trusted partner, technology provider and advisor to governments in the region and beyond. We offer innovative technology solutions, digital platforms and insights that deliver a seamless and secure payment experience to citizens with the aim of building a connected world that works for everyone,” said Adam Jones, Country General Manager, MENA Central, Mastercard.
Currently, most of payments in Jordan are in cash. Economies that are cash-reliant bear significant costs in many forms, such as underreported income, with informal economies accounting for up to 40% of the GDP. Moreover, cash is less secure and can be costly for businesses to handle. Merchants and consumers can both benefit from enhanced financial education on the various benefits they can both reap from the use of digital payments.
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