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Global issuer-processor Paymentology has entered into a strategic partnership with Enjaz, one of Saudi Arabia’s leading providers of remittance and digital payment services, to accelerate the Kingdom’s transition toward next-generation digital payments.
The collaboration, formalised through a Memorandum of Understanding (MoU), will expand Enjaz’s product suite beyond remittances into prepaid, debit, and virtual card offerings, seamlessly integrated into its existing payment ecosystem.
By leveraging Paymentology’s cloud-first, highly configurable issuing and processing platform, Enjaz will gain the ability to rapidly launch innovative services, including support for domestic and international schemes, tokenisation across Apple Pay, Google Pay, Samsung Pay, and Mada Pay, and advanced multi-level security controls. The partnership also unlocks access to over 450 production-ready APIs, enabling features such as loyalty programmes, multi-currency wallets, and real-time fraud prevention powered by advanced data analytics.
Importantly, these innovations will be supported by local infrastructure, deployed on Oracle Cloud Infrastructure (OCI) and set to expand to Google Cloud Platform (GCP) within Saudi Arabia, ensuring compliance with regulatory requirements and alignment with the Kingdom’s data sovereignty goals.
Commenting on the partnership, Bassam AlEidy, CEO of Enjaz, said:
“Our mission has always been to deliver speed, convenience, and security for our customers—whether sending money abroad or making everyday payments. By joining forces with Paymentology, we are enhancing our card services to expand choice and financial freedom. This collaboration is a significant step toward shaping the future of digital payments in Saudi Arabia.”
Jeff Parker, CEO of Paymentology, added:
“Saudi Arabia is building one of the world’s most dynamic payments ecosystems under its Vision 2030 agenda. Enjaz’s ambition complements this momentum, and Paymentology’s role is to empower innovators with secure and scalable solutions. Together, we aim to broaden customer choice, accelerate time-to-market, and elevate the overall payment experience across the Kingdom.”
The partnership comes amid rapid transformation in Saudi Arabia’s payment landscape. According to the Saudi Central Bank (SAMA), electronic payments accounted for 79% of total retail transactions in 2024, up from 70% in 2023, with non-cash transactions reaching 12.6 billion. The trend underscores the Kingdom’s steady progress toward a cash-lite economy and reflects the central role of strategic collaborations in achieving Vision 2030’s digital finance objectives.
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