Saudi Awwal Bank Partners with UnionPay to Boost Digital Payment Ecosystem
In a strategic move to revolutionize the digital payment landscape in the Kingdom, Saudi Awwal Bank, a prominent financial institution in Saudi Arabia, has announced a game-changing partnership with UnionPay, a global leader in the payment network industry.
Empowering Merchant UnionPay Coverage
This collaboration signifies a significant leap in expanding the reach of UnionPay merchants. It will equip “SAB” to facilitate digital acceptance of UPI payments across brick-and-mortar stores, ATMs, and online platforms.
Facilitating International Transactions
The acceptance of UPI cards in the Kingdom will streamline transactions for international tourists and pilgrims, allowing them to use their cards at “SAB” POS and ATMs, with e-commerce integration slated for later this year. This initiative aligns with the country’s vision of establishing a robust digital infrastructure and promoting economic growth by driving the shift towards a cashless society.
Commitment to Innovation
Yasser Al-Barrak, Chief Corporate and Institutional Banking Officer at SAB, expressed, “This partnership underscores our dedication to delivering cutting-edge payment solutions that will revolutionize the Kingdom’s payment landscape in line with the goals of Saudi Vision 2030, providing unparalleled convenience for all.”
Enhancing Commerce and Tourism
James Yang, General Manager of UnionPay International in the Middle East, stated, “This collaboration with ‘SAB’ marks a significant milestone for UPI in the Kingdom. By facilitating seamless and secure payments for travelers and local consumers, we are meeting individual needs and contributing to the Kingdom’s digital transformation journey.”
Global Network, Regional Impact
Yang added, “UPI is a global network with a regional focus. This partnership exemplifies our commitment to global expansion while addressing regional requirements. With a network spanning 183 countries and regions, including 15 in the Middle East, UPI continues to broaden its reach.”
This strategic alliance underscores the bank’s commitment to bolstering the digital economy in the Kingdom and providing innovative financial services that cater to customer expectations, solidifying the Kingdom’s position as a key financial hub in the region.
