HomeRuedex PublicationsArticlesMasterCard Partners with Central Bank of Jordan for Payment Ecosystem Digitization

MasterCard Partners with Central Bank of Jordan for Payment Ecosystem Digitization

Date: 04 March, 2024

Key Points:

  • Formulating a blueprint for digitizing the payment ecosystem to enhance the financial landscape in the region.
  • Boost economic development, foster digital payment acceptance, expand financial inclusivity, and reduce high cash usage.
  • Expediting economic and payment digitization by addressing challenges like policy and regulation.
  • Facilitate a more efficient, secure, and accessible financial future, fostering a connected economy promoting innovation, inclusivity, and economic growth.
  • Utilizing extensive experience to develop a national payment digitization blueprint aligned with Jordan’s Economic Modernization Vision and the National Strategy for e-payments (2023-2025).
  • Achieving comprehensive digital transformation, enabling electronic service provision, promoting financial inclusion, and transitioning to a digital cashless economy in Jordan.
  • Offering solutions, digital platforms, and insights to deliver citizens a simplified and secure experience.
  • Increased costs and security concerns prompted a shift towards digital payments.

Mastercard has joined forces with the Central Bank of Jordan (CBJ) to formulate a blueprint for digitizing the payment ecosystem in the region, enhancing the overall financial landscape. In a collaborative effort, Mastercard supports the Central Bank of Jordan’s ongoing initiatives to boost economic development by fostering digital payment acceptance, expanding financial inclusivity, and curbing high cash usage.

The partnership aims to leverage Mastercard’s global insights to expedite economic and payment digitization, focusing on improving acceptance. Additionally, Mastercard plans to utilize its proven approach, analyzing payment flows between businesses, consumers, and the government to address challenges like policy and regulation. The ultimate goal is to facilitate a more efficient, secure, and accessible financial future, fostering a connected economy that promotes innovation, inclusivity, and economic growth.

Representatives from the CBJ emphasized that Mastercard’s extensive experience in assisting governments with digital transformation positions it well to support the development of a national payment digitization blueprint aligned with Jordan’s Economic Modernization Vision and the National Strategy for e-payments (2023-2025). The initiatives aim to achieve comprehensive digital transformation, enabling electronic service provision, promoting financial inclusion, and facilitating the transition to a digital cashless economy in Jordan.

Mastercard officials state that the company aspires to be a partner, technology provider, and advisor to regional governments, offering solutions, digital platforms, and insights to deliver a simplified and secure experience for citizens. The region incurs increased costs and faces security challenges because cash payments currently dominate in Jordan. The move towards digital payments is expected to benefit merchants and consumers through improved financial education on the advantages of digital transactions.

This collaboration follows Mastercard’s recent partnership with Loop, aiming to provide businesses and consumers in Saudi Arabia with advanced credit card offerings and enhanced payment solutions. The collaboration with Loop is set to expand its portfolio and improve products and services using Mastercard’s technology and expertise. The Central Bank of Jordan anticipates implementing several initiatives by the end of 2024, marking the beginning of a long-term collaboration with Mastercard to advance the region’s digitization journey.

References

https://thepaypers.com/online-payments/mastercard-collaborates-with-central-bank-of-jordan–1267069#

https://www.tradingview.com/news/reuters.com,2024-03-04:newsml_Zaw3L2W2V:0-pressr-mastercard-partners-with-central-bank-of-jordan/

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