Global payment technology company Mastercard has partnered with Google in order to strengthen digital payment capabilities in Kuwait.
As a result of this collaboration, cardholders in Kuwait will be able to leverage tap to pay with their Android phones or supported Wear OS devices in any store that offers contactless payments. Moreover, Google Pay can also be used to conduct payments online and through apps. The implementation of Google Pay in Kuwait is in line with the Kuwait Vision 2035 ‘New Kuwait,’ endeavour, which aims to transform Kuwait into a financial and trade hub regionally and internationally.
According to the Kuwait Ministry of Foreign Affairs, the project uses global indicators to track and measure Kuwait's progress with the plan and its performance, and compares that progress to the achievements of other countries. Setting goals and following up on the performances towards achieving the vision is also on the agenda.
Kuwait's national development plan links to international goals and factors and adapts to the United Nations Sustainable Development Goals (SDG's) 2030, in order to achieve compatibility between the national development plan and the international development vision.
One of the primary advantages of Google Pay is that it saves customers from handing over their payment cards, touching physical buttons, or exchanging cash.
The system was designed with security and privacy in mind in order to make sure that the user’s data is protected. For instance, transactions are made with a virtual card number, which means that Google Pay does not share the real credit card number with the business. Customers can save their cards for Google Pay in Google Wallet, which is a digital wallet that securely stores payment cards, boarding passes, loyalty cards, and more. The Central Bank of Kuwait recently granted several banks licenses to activate Google Wallet in the country.
Mastercard officials cited by ffnews.com highlighted Google Pay’s ability to blend convenience and security. They also shared their hope that that the system will be able to spur digital inclusion in Kuwait.
In order to set up Google Pay, Mastercard cardholders need to download the Google Wallet app from the Google Play store and follow the instructions, or alternatively visit the pay.google.com online service. Once they have successfully added their Mastercard, they can choose Google Pay at the checkout, confirm their purchase, and pay.
According to Mastercard’s New Payments Index 2022, 64% of MENA consumers (compared to 61% globally) ramped up their digital payment method use in the last year. These payment methods comprise SMS payments, digital cards, instant payment services, and digital money transfer apps.
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