Bank Albilad & CASHU to help diversify Saudi payment ecosystem; partnership to herald new era of electronic payment services
Bank Albilad, announced its strategic partnership with CASHU to develop innovative payment products and services for the Kingdom’s fast growing electronic payments market.
Bank Albilad will leverage CASHU’s payment technology, digital assets and wide vendor network to deliver new payment services to the Saudi market via a wide range of platforms, including advanced services; such as: prepaid mobile wallets, a regional bill presentment facility, NFC (Near Field Communication) coverage for retail transactions and more products tailored to fit the growing needs of the bank’s customers.
“Bank Albilad has grown rapidly, establishing one of the Kingdom’s largest financial services network by identifying current and future customer needs,” said Mr. Abdulaziz Al-Onaizan, CEO of Bank Albilad. “Through our partnership with CASHU, we look forward to providing our customers with the most advanced electronic payment services with the highest standard of security that our customers expect.”
Mr. Al-Onaizan emphasized that customers’ financial services have evolved. Customers are now looking for banks that provide the best financial services in terms of account management, remittance and payment.
“CASHU has been operating successfully in Saudi Arabia since 2003 and has become the preferred method of payment for online shoppers in the Kingdom,” said CASHU CEO, Thaer Suleiman. “Our new partnership with Bank Albilad will allow us to develop a variety of new and innovative payment solutions specifically for the Saudi market and further grow our customer base in the Kingdom. Working alongside Bank Albilad, CASHU also plans to introduce new mobile payment solutions for the domestic market, including NFC payments.”
“It is well known that Bank Abilad is a leader in the Saudi remittance services market through the bank’s remittance arm, Enjaz Banking Services,” said Suleiman. “For this reason, we are also in discussion with the bank about developing new value-added services for expats residing in the Kingdom.”