In line with Vision 2030 and the Kingdom’s digital transformation goals, this partnership aims to create a 70% cashless society by 2030. Moreover, this alliance extends Mastercard and Tiqmo’s work to redefine financial services by introducing a suite of new experimental digital products services and experiences.
By leveraging Mastercard’s diverse solutions, including the technology company’s cross-border payment services and tokenisation, Tiqmo intends to provide consumers with greater access to a suite of modern payment services that meet the changing needs and demands of wallet users.
Following this announcement, Tiqmo stated that the company aims to redefine digital financial services by providing customers access to digital experiences that allow them to be independent. Moreover, through this partnership with Mastercard, the fintech provider will also expand its product portfolio and range of products. In addition, the company plans to upgrade digital payments in the Kingdom by making them more secure and reliable and providing consumers with more convenient solutions.
A report published by Euromonitor International in November 2023 shows that convenience continues to be one of the most important characteristics of pre-paid cards due to their simplicity in usage, wide acceptance, and varied payment options to suit different income brackets.
Such capabilities come across different uses in line with the evolution towards full digitalisation, such as payroll pre-paid cards that offer a higher level of salary security than cash. Referring specifically to the Saudi Arabia region, the report also shows that the ongoing growth of digital banking and the Saudi government’s support of fintech platforms will continue to increase pre-paid card usage over the forecast period.
Tiqmo is a digital payment company that aims to build a world-class digital payments ecosystem for the Middle East and North African financial services and marketplace, creating easy-to-access solutions for ecommerce, gaming, logistics and education.
In October 2022, the company was licenced by Saudi Central Bank to provide E-wallet services, as part of SAMA’s role to promote the development of the financial technology sector to ensure stability and growth in the sector. The company was set to contribute to the sector’s growth while complying with SAMA’s regulatory requirements in line with the mandate to increase overall financial stability, and financial transactions in a bid to boost financial inclusion and support greater opportunities under the Kingdom's Vision 2030.
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