Saudi Awwal Bank, a prominent financial institution in the Kingdom of Saudi Arabia, has recently announced a strategic partnership with UnionPay, a leading global payment network. This partnership is a significant move towards enhancing the digital payment ecosystem in the region, with the aim of increasing merchant UnionPay coverage. By enabling digital acceptance of UPI payments across physical stores, ATMs, and e-commerce platforms, the collaboration will facilitate transactions for international tourists and pilgrims using their UPI cards on “SAB” POS and ATMs, followed by e-commerce later this year.
The initiative aligns with the nation’s vision of fostering a robust digital infrastructure and driving economic growth by promoting a shift towards a cashless society. Yasser Al-Barrak, Chief Corporate and Institutional Banking Officer at SAB, emphasized the bank’s commitment to providing innovative payment solutions that modernize the Kingdom’s payment landscape, in line with the goals of Saudi Vision 2030. This partnership is expected to have a positive impact on commerce and tourism between the Kingdom and China, supporting efforts to enhance the digital economy and meet the evolving demands of customers.
James Yang, General Manager of UnionPay International in the Middle East, highlighted the significance of the partnership with “SAB” in expanding UPI’s presence in the Kingdom. By offering convenient and secure payment options for travelers and local consumers, UPI aims to cater to individual needs and contribute to the Kingdom’s digital transformation journey. With a global network spanning 183 countries and regions, including 15 in the Middle East, UPI remains committed to expanding its footprint while focusing on regional requirements.
This partnership demonstrates “SAB’s” dedication to supporting the digital economy in the Kingdom and providing innovative financial services that meet customer expectations. By offering secure alternate payment methods and enhancing the Kingdom’s position as a leading financial center in the region, the bank aims to contribute to the growth and development of the local economy. This collaboration with UnionPay further underscores the bank’s commitment to driving digital innovation and improving payment solutions for customers in Saudi Arabia.
The strategic partnership between Saudi Awwal Bank and UnionPay represents a major milestone in the realm of digital payments in the Kingdom of Saudi Arabia. This collaboration is expected to significantly enhance the availability and acceptance of UPI payments across various platforms, including physical stores, ATMs, and e-commerce websites. By facilitating transactions for international visitors and locals alike, this initiative aligns with the broader goal of advancing towards a cashless society and fostering economic growth in the region.
Yasser Al-Barrak, Chief Corporate and Institutional Banking Officer at SAB, emphasized the bank’s dedication to providing cutting-edge payment solutions that will transform the payment landscape in the Kingdom. By aligning with the goals of Saudi Vision 2030, this partnership aims to modernize payment methods and enhance convenience for all stakeholders involved. Additionally, the collaboration is poised to enhance commerce and tourism between the Kingdom and China, while also bolstering the country’s digital economy through secure and efficient payment options.
James Yang, General Manager of UnionPay International in the Middle East, underscored the importance of this partnership in expanding UPI’s presence in the Kingdom and catering to the diverse needs of travelers and consumers. With a global network that spans across numerous countries and regions, UPI remains committed to regional expansion while focusing on delivering tailored solutions to meet local demands. This collaboration with “SAB” signifies a joint effort to support the digital economy in the Kingdom and offer innovative financial services that align with customer preferences and expectations.
