July 12, 2024

Amidst the Cashless Payments Upward gear shift France’s Idemia buys Saudi bank card services firm

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With the initiative towards having a cashless economy as its part of vision 2030’s progressive objectives, the deal is a part of Saudi Government’s announcement.

A Digital Payment Enabler firm IDEMIA-French based FinTech Payment giant, has procured Pcard, card personalization bureau in Saudi Arabia. The former will now be able to produce an “Extended” diversified list of card payment services as well as Solutions for broadening as well as further modernization of Kingdom’s Banking as well as payment arena.

Founded during the year 2008, The International Smart Card Firm Pcard offers the following services to its clients: –

  • Smart Cards Personalization
  • Mobile Banking
  • Digitalized Wallets
  • Cards Inventory tracker as well as Management
  • Funds Manager etc.

It at present provides its services for Nine Domestic Banking divisions.

It was during the year 2016 that Saudi Government announced its verdict for shifting towards a complete cashless economy. With these efforts, the amount of Cashless PoS (Point-of-Sale) dealings within 2019 attained 1.6 Billion, a surge of 57 percent over the preceding year, while the contactless PoS dealings to have touched 918.5 Billion within year 2019, an overall surge of 442 percent during year 2018, with the Bank cards as well as smartphone depicting 57 percent of these.

Senior Vice-President for the MEAs territory, Financial Institutions, IDEMIA, headquartered in France, Julia Schoonenberg stated that: “this achievement stems from our assurance for cultivating the lives of hundreds of millions from permitting a secured as well as reliable access for giving financial services for everybody. They perform them through accessing of getting advanced innovative solutions that empowers unique, secure as well as appropriate payment services to the final clients. Pcard is the perfect fit for all of us.”

The kingdom is anticipated to have over 6.4 million credit cards as well as for 28 million debit cards in motion by 2023.

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