Visa launches Apple Pay in Saudi Arabia

Global payment company Visa on Tuesday announced the launch of Apple Pay service in Saudi Arabia, allowing prepaid, debit and credit cardholders to make purchases using their iPhone and Apple Watch in stores that accept contactless payments, a statement said on Tuesday.

Visa cardholders can also make payments with Apple Pay in-app or on the web, the statement added.

Security and privacy are at the core of Apple Pay. When a customer uses a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers.

Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code, Visa said in the statement.

According to a research by Visa Consulting and Analytics, millennials account for 40 percent of the Kingdom’s population, with smartphone penetration levels reaching nearly 74 percent overall.

There is an overall desire to try new solutions, with 80 percent of respondents stating that they have performed a contactless transaction and were open to do so again.

“This launch also aligns with one of the goals of Vision 2030 of creating a cashless society, and we enthusiastically welcome Apple Pay to the market and are excited to help Saudi Arabia usher in this new era of payments,” Ali Bailoun, Visa’s General Manager for Kingdom of Saudi Arabia, said.