In a strategic step towards enhancing the digital payment ecosystem in the Kingdom, Saudi Awwal Bank, a leading bank in the Kingdom of Saudi Arabia, announced its strategic partnership with UnionPay, a world-leading payment network.
This partnership marks a major milestone in increasing merchant UnionPay coverage. It will empower “SAB” to enable digital acceptance of UPI payments across physical stores, ATMs, and e-commerce platforms.
Acceptance of UPI cards in the Kingdom will ease international tourists' and pilgrims' transactions using their cards on “SAB” POS and ATMs, followed by e-commerce later this year. This initiative aligns with the nation’s goal of fostering a robust digital infrastructure and driving economic growth by accelerating the transition towards a cashless society.
Yasser Al-Barrak- Chief Corporate and Institutional Banking Officer at SAB, commented: "This collaboration reflects our commitment to providing innovative and effective payment solutions that will further modernise the Kingdom’s payment landscape which aligns with the aspirations of Saudi Vision 2030 and provide unparalleled convenience for everyone.”
He added: “We believe that this partnership will have a positive impact on commerce and tourism between the Kingdom and China, support our plans to enhance the digital economy and provide a secure alternate payment method to cater to the evolving demand of our customers and achieve satisfaction and trust.”
James Yang, General Manager of UnionPay International in the Middle East, said: "This partnership with “SAB” marks a significant milestone for UPI in the Kingdom. By enabling convenient and secure payments for travelers and local consumers, we are catering to individual needs and contributing to the Kingdom's digital transformation journey."
He added: “UPI is a global network with a regional focus. This collaboration is a testament to our commitment to global expansion while remaining laser-focused on regional needs. UPI continues to expand its footprint with its network now reaching 183 countries and regions, including 15 in the Middle East.”
This step also signifies the bank's aspirations to contribute to supporting the digital economy in the Kingdom and to offer innovative financial services that meet the expectations and needs of customers, reinforcing the Kingdom's position as a leading financial center in the region.
