Riyadh – Mubasher: Apply Pay on Tuesday announced starting its business in Saudi Arabia through providing prepaid services, secure and quick buying transactions on the web or its Apple Pay in-app.
Visa debit and credit cardholders in the kingdom will also be able to carry out payments via Apple Watch and iPhone 6,and iPhone SE in stores that approve wireless payments, Visa said in a statement.
“This launch aligns with one of the goals of Vision 2030 of creating a cashless society, and we enthusiastically welcome Apple Pay to the market and are excited to help Saudi Arabia usher in this new era of payments,” Visa’s general manager in Saudi Arabia Ali Bailoun stated.
The move is an important step forward in the ambitious goals set by the Financial Sector Development Program to achieve the kingdom's Vision 2030 cashless society targets, according to Saudi Payments’ managing director Ziad Al Yousef.
A research issued by Visa Consulting and Analytics revealed that millennials currently account for about 40% of Saudi Arabia’s population. Their smartphone use for conducting e-payments has reached 74%.
On Sunday, Apple Pay expected it would begin operations in Saudi Arabia during the course of the week.
