Page 98 - SAMENA Trends - September-October 2022

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Saudi Arabia’s Contactless Payment Penetration Rate is ‘94% of all Digital

Transactions’

Saudi Arabia has been one of the leading countries in contactless
payments, with a penetration rate of 94 percent of all digital
transactions as compared to 70 percent in other developed
countries, Maria Madvedeva, vice president at Mastercard Saudi
Arabia and Bahrain, told Arab News. “The percentage of Saudi youth
willing to experiment with new methods (of payments) is about 69
percent. But the rest of the world is at 60 percent. The desire to
really look at new solutions is extreme here in the Kingdom,” she
told Arab News during the Global AI Summit in Riyadh. Madvedeva
is betting on the Saudi fintech ecosystem to continue to expand
rapidly, and believes that Mastercard will grow with it. “As we have
seen opening up of Open Banking, as we’ll see opening up of buy
now, pay later and Central Bank Digital Currency technologies, we
will continue to invest and grow together with the country in those the payment hub with the Saudi Esports Federation that would take
areas,” she said. She added: “We have so many opportunities to gamers beyond physical cards, and into the world of the Metaverse
convert cash, and look into digitizing over different cash aspects and virtual reality space,” she explained. The company has also
in government, commercial, business, and also in the personal launched Mastercard Ventures that aims to drive the adoption
space.” As the rise of buy now, pay later options is increasing of virtual reality and the Metaverse in the Kingdom. Mastercard
within the Kingdom, Madvedeva believes that installment payment has recently acquired a minority stake in Saudi-based fintech
options will be the future of Saudi consumer buying, adding that company, HyperPay, to fuel digital payments between merchants.
Mastercard will play a huge role in enabling that technology in the “HyperPay has been a cornerstone of us being embedded into the
Kingdom. Mastercard has also signed a three-year partnership Saudi ecosystem,” Madvedeva said. Moreover, she stated that the
with Saudi Esports Federation as an official sponsor to one of the company has made an investment into Network International in
largest gaming events in the world, Gamers8. Madvedeva said that Saudi Arabia. Network International is part of the Saudi Fintech
the partnership aims to promote digital payment acceptance within Hub Sandbox and it is working closely with Mastercard to drive
the gamers’ community in the Kingdom. “Our agreement is creating new payment methods in the Kingdom.

SpaceX Receives Starlink License in Qatar

Qatar’s Communications Regulatory Authority (CRA) announced other government departments. The CRA said in a statement that
on that it has granted SpaceX a license to provide Starlink satellite the license will help to improve the availability of telecommunica-
internet service. According to the CRA, SpaceX subsidiary Starlink tions services in remote areas of the country, particularly in areas
Satellite Qatar was awarded an Individual License for the Provision such as oil and gas platforms at sea, ships, yachts, and aircrafts
of Public Satellite Telecommunications Networks and Services. where internet is not fully available, and provide complementary
The license was granted after consultation with stakeholders and and alternative telecommunications services for individuals and
enterprise consumers. “The grant of this license is consistent with
international trends in the field. It contributes to the development
of the Information and Communications Technology sector and
encourages more foreign investments in the country; therefore,
diversifying the national economy, which supports Qatar National
Vision 2030,” the statement said. (via Gulf Times) With the granting
of the license in Qatar, SpaceX is now allowed to operate in two
countries in the Gulf Cooperation Council, a union that consists of
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab
Emirates. SpaceX received a license in Bahrain earlier this year.
The company has not announced when Starlink service will be
available in Qatar or Bahrain, although the SpaceX availability map
shows Qatar is expected to receive the service in Q1 2023, while
Bahrain has a more general “2023” timeline.

98 SEPTEMBER-OCTOBER 2022