Paymentology, the main international issuer-processor, has signed a Memorandum of Understanding (MOU) with Enjaz, one among Saudi Arabia’s most trusted suppliers of remittance and digital cost options. Collectively, the 2 firms are coming into a partnership to advance next-generation digital funds within the Kingdom, bringing higher selection, pace, and customer-centric innovation to customers and companies.
Enjaz permits cash transfers to over 200 nations through digital channels, branches, and international companions. With Paymentology’s assist, it is going to broaden into next-generation card merchandise, together with pay as you go, debit, and digital playing cards – built-in with its current companies.
By harnessing Paymentology’s extremely configurable, cloud-first issuing and processing platform, Enjaz extends its product launch capabilities and convey a brand new wave of of modern digital cost companies to the Kingdom. These embrace worldwide and home scheme enablement, tokenisation with Apple Pay, Google Pay, Samsung Pay and Mada Pay; and superior multi-level controls enhancing safety, enabling modern propositions and real-time decisioning. Enjaz may even profit from entry to greater than 450 production-ready APIs, enabling fast innovation and the addition of recent options corresponding to loyalty and multi-currency wallets. Alongside this, real-time knowledge feeds and analytics will energy smarter fraud prevention, personalised gives, and deeper engagement throughout the cardholder journey.
Crucially, this innovation is underpinned by native infrastructure, already deployed on Oracle Cloud Infrastructure (OCI) and shortly to be deployed on Google Cloud Platform (GCP) in Saudi Arabia, guaranteeing each pace and compliance with the Kingdom’s regulatory necessities.
Bassam AlEidy, CEO at Enjaz, mentioned: “At Enjaz, our focus has at all times been on giving our clients pace, comfort, and safety, whether or not they’re transferring cash overseas or making on a regular basis funds. By collaborating with Paymentology, we are able to now lengthen our card companies that broaden selection and improve monetary freedom. This partnership represents a serious step in shaping the way forward for funds in Saudi Arabia, delivering innovation that’s inclusive, dynamic, and tailor-made to the wants of our market.”
Jeff Parker, CEO of Paymentology, added: “Saudi Arabia is constructing one of many world’s most dynamic funds ecosystems below Imaginative and prescient 2030. Enjaz’s ambition provides to that momentum, and Paymentology’s position is to energy innovators with safe, scalable issuing. Along with Enjaz, we’ll broaden selection, speed up time-to-market, and lift the bar for buyer expertise within the Kingdom.”
The Kingdom’s funds panorama is present process fast transformation, with the Saudi Central Financial institution (SAMA) reporting that digital funds accounted for 79% of total retail transactions in 2024, up from 70% in 2023. Non-cash transactions rose to 12.6 billion in 2024, highlighting the acceleration in the direction of a cash-lite financial system.