Riyad Bank becomes first local lender to add Mastercard digital payment services

Riyad Bank, one of the largest lenders in Saudi Arabia, just launched the Mastercard Digital Enablement Service (MDES), making it the first local bank to offer the new global digital payment service, Mastercard said in a statement.
 

MDES is a platform that supports the management, generation and provisioning of digital payment credentials into mobile devices to allow for simpler and more secure digital payment experiences.
 

Customers can add their card details to the Riyad Bank wallet application on their smartphone to pay, without pulling out their cards at checkout. They can tap on a contactless-enabled POS terminal and provide their password to complete the transaction.

“The digital revolution we are currently witnessing, augmented by the increased growth in e-commerce and the proliferation of smartphones and tablets, means that any connected device has the potential to become a commerce device,” said Khalid Elgibali, Division President for Middle East and North Africa, Mastercard.

MDES offers the highest possible standards of security and privacy, the statement said. It also enables retailers to offer a fast, simple shopping experience to reduce queues and time at checkout.

Saudi consumers will be able to use the service when shopping from several types of Android devices. Retailers can also use contactless POS terminals to offer fast and secure payments to international customers.

“Now, they (customers) can pay using their mobile phones, and will not need to carry cash or plastic cards,” said Riyadh Al-Zahrani, Executive Vice President, Retail Banking, Riyad Bank.