Mastercard partners Central Bank of Jordan to digitise payments

The Central Bank of Jordan (CBJ) has enlisted Mastercard to develop a payment ecosystem digitisation “blueprint” for the country, to help promote acceptance of digital payments and tackle high cash usage.

Mastercard will conduct a “deep analysis” of payment flows between businesses, consumers and the government, with a focus on addressing pain points, such as policy and regulation.

Most payments in Jordan are in cash, which is considered a less secure form of payment and is more costly for businesses to handle.

His Excellency Dr. Adel Al Sharkas, governor at the Central Bank of Jordan, said: “With its extensive expertise in assisting governments in driving digital transformation, Mastercard is one of our partners to develop a national payment digitization blueprint in line with the Economic Modernization Vision as one of the royal initiatives, and in line with the National Strategy for e-Payments in Jordan 2023-2025.”

He added that these seek to reach a “comprehensive and well-developed” digital transformation that supports the provision of services electronically and, in addition, promote financial inclusion and support the shift to “a digital cashless economy in the Kingdom”.

“We plan to have several high-impact initiatives ready for implementation later this year. We expect this to be the start of a long-term collaboration to advance Jordan’s digitization journey,” he said.

Adam Jones, country general manager, MENA Central at Mastercard, added: “At the heart of every thriving, inclusive economy are interactions between its people, government, and businesses.

“In this context, Mastercard serves as a trusted partner, technology provider and advisor to governments in the region and beyond.

“We offer innovative technology solutions, digital platforms and insights that deliver a seamless and secure payment experience to citizens with the aim of building a connected world that works for everyone.”

Further reading: Mastercard selects six Open Banking startups for Start Path program