Paymentology, the leading global issuer-processor, has signed a Memorandum of Understanding (MOU) with Enjaz, one of Saudi Arabia’s most trusted providers of remittance and digital payment solutions. Together, the two companies are entering a partnership to advance next-generation digital payments in the Kingdom, bringing greater choice, speed, and customer-centric innovation to consumers and businesses.
Enjaz enables money transfers to over 200 countries via digital channels, branches, and global partners. With Paymentology’s support, it will expand into next-generation card products, including prepaid, debit, and virtual cards – integrated with its existing services.
By harnessing Paymentology’s highly configurable, cloud-first issuing and processing platform, Enjaz extends its product launch capabilities and bring a new wave of of innovative digital payment services to the Kingdom. These include international and domestic scheme enablement, tokenisation with Apple Pay, Google Pay, Samsung Pay and Mada Pay; and advanced multi-level controls enhancing security, enabling leading-edge propositions and real-time decisioning. Enjaz will also benefit from access to more than 450 production-ready APIs, enabling rapid innovation and the addition of new features such as loyalty and multi-currency wallets. Alongside this, real-time data feeds and analytics will power smarter fraud prevention, personalised offers, and deeper engagement across the cardholder journey.
Crucially, this innovation is underpinned by local infrastructure, already deployed on Oracle Cloud Infrastructure (OCI) and soon to be deployed on Google Cloud Platform (GCP) in Saudi Arabia, ensuring both speed and compliance with the Kingdom’s regulatory requirements.
Bassam AlEidy, CEO at Enjaz, said: “At Enjaz, our focus has always been on giving our customers speed, convenience, and security, whether they are transferring money abroad or making everyday payments. By collaborating with Paymentology, we can now extend our card services that expand choice and enhance financial freedom. This partnership represents a major step in shaping the future of payments in Saudi Arabia, delivering innovation that is inclusive, dynamic, and tailored to the needs of our market.”
Jeff Parker, CEO of Paymentology, added: “Saudi Arabia is building one of the world’s most dynamic payments ecosystems under Vision 2030. Enjaz’s ambition adds to that momentum, and Paymentology’s role is to power innovators with secure, scalable issuing. Together with Enjaz, we’ll expand choice, accelerate time-to-market, and raise the bar for customer experience in the Kingdom.”
The Kingdom’s payments landscape is undergoing rapid transformation, with the Saudi Central Bank (SAMA) reporting that electronic payments accounted for 79% of total retail transactions in 2024, up from 70% in 2023. Non-cash transactions rose to 12.6 billion in 2024, highlighting the acceleration towards a cash-lite economy.
