Mastercard collaborates with Central Bank of Jordan

As detailed in the press release, the Central Bank of Jordan is set to benefit from Mastercard’s global insight to accelerate economic and payment digitisation and improve acceptance. Additionally, Mastercard intends to leverage its proven approach, which includes analysis of payment flows between businesses, consumers, and the government with a focus on addressing difficulties, such as policy and regulation. The partnership aims to support businesses and consumers in achieving a more efficient, secure, and accessible financial future, as it assists the development of a more connected economy that can foster innovation, drive inclusion, and advance economic growth.

Furthermore, representatives from the CBJ underlined that, through its extensive knowledge in assisting governments in increasing digital transformation, Mastercard can support the development of a national payment digitisation blueprint in line with the Economic Modernisation Vision and with the National Strategy for e-Payments in Jordan 2023-2025. The initiatives seek to reach a comprehensive digital transformation that assists the provision of services electronically, as well as the promotion of financial inclusion and facilitation and support of the Transformation to a Digital Cashless Economy in Jordan. The CBJ intends to have several initiatives prepared for implementation by the end of 2024, with the bank expecting to have a long-term collaboration with Mastercard that can advance the region’s digitisation journey.

According to Mastercard’s officials, the company aims to serve as a partner, technology provider, and advisor to governments in the region, with it planning to offer solutions, digital platforms, and insight that can deliver a simplified and secure experience to citizens. Considering that currently, most payments in Jordan are in cash, the region bears increased costs in many forms, including underreported income. In addition, cash represents a less secure and more costly payment method for businesses. Therefore, both merchants and consumers can benefit from improved financial education on the several advantages of digital payments.

Prior to this announcement, Mastercard partnered with Loop to enable businesses and consumers in Saudi Arabia with access to advanced credit card offerings and improved payment solutions. The collaboration was set to allow Loop to expand its portfolio, while also enhancing its suite of products and services by using Mastercard’s technology and expertise.

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