Mastercard and Enjaz Partner to Revolutionize Digital Payments in Saudi Arabia

Mastercard has partnered with Saudi financial services provider Enjaz Company to launch a new suite of card products aimed at individuals and businesses. This collaboration targets the Kingdom's rapidly growing SME sector and expatriate population, supporting Saudi Arabia’s aggressive push toward a cashless economy as electronic payments now account for 85% of total retail transactions.

What was announced

Enjaz Company is expanding its product suite to transition into a significant card issuer within Saudi Arabia. By leveraging Mastercard’s technology, the provider will introduce a range of exclusive card offerings and digital services designed for diverse segments, including expatriates, frequent travelers, and High-Net-Worth Individuals (HNWIs). The initiative also places a heavy emphasis on the Kingdom’s nearly two million small and medium-sized enterprises (SMEs). According to the Mastercard SME Confidence Index 2026, digital adoption is already high among these businesses, with 77% of surveyed SMEs accepting online payments and 67% accepting card payments.

This collaboration arrives as Saudi Arabia experiences a rapid shift in consumer behavior; electronic payments reached 85% of total retail payments in 2025, significantly outperforming the 70% target originally set by the Financial Sector Development Program. The new card products aim to provide enhanced security and convenience, supporting the National Tourism and FinTech strategies under the Saudi Vision 2030 framework. The partnership intends to further elevate the cashless transaction rate by providing tools that meet the daily financial and lifestyle needs of both individual consumers and corporate entities across the Kingdom.

"Saudi Arabia has changed markedly over the years, making tremendous headway on the road to social and economic progress. Digital transformation has had an indelible impact on all areas of business and life; with our customers and the businesses we support benefiting greatly from the development of an inclusive and sophisticated digital economy. We have collaborated with Mastercard to pioneer even more transformative offerings, empowering our customers with the rewarding payments tools and experiences they need to thrive in an evolving global economy,"

Mr. Bassam Suleiman Aleidy, CEO, Enjaz

The companies involved

Mastercard is a global technology company in the payments industry, connecting consumers, financial institutions, merchants, and governments across more than 210 countries and territories. The company operates as a major player in the digital economy, focusing on secure and accessible transaction technology. Enjaz Company is a prominent provider of financial services and digital wallets based in Saudi Arabia. It has established itself as a trusted name in money transfer solutions, catering to a broad customer base that includes both individual consumers and business entities. As the Kingdom undergoes a significant economic transformation, Enjaz has positioned itself as a key intermediary for financial inclusion, particularly for the expatriate communities and the growing SME sector. While Mastercard maintains a massive global footprint and a long history of infrastructure development, Enjaz represents the localized expertise required to navigate the specific regulatory and cultural landscape of the Saudi Arabian market. Together, they aim to modernize the payments infrastructure within one of the Middle East’s most active financial hubs.

What FF News has reported before

FF News has extensively covered Mastercard’s recent efforts to secure the digital asset space and expand its global footprint. In October 2026, the company launched Mastercard Launches Stablecoin Security to Combat Fraud in Digital Asset Payments. The firm also recently partnered with other fintech players, as seen in Stoa Partners with Stripe and Mastercard to Launch Virtual Card Perks for Savers. Additionally, Mastercard’s research into regional digital shifts was highlighted in Mastercard Report: Africa’s Digital Economy to Hit $1.5 Trillion by 2030 Amid Rising Cyber Threats. FF News also reported on related infrastructure developments in Episode Six Debuts Real-Time 'Verified Backing' for Bank-Issued Tokenized Deposits.

What this means

This move signals that the battle for Saudi Arabia’s digital wallet supremacy is intensifying. By partnering with a local heavyweight like Enjaz, Mastercard is bypassing traditional banking hurdles to capture the lucrative SME and expatriate segments. The fact that electronic payments have already surpassed 2025 targets suggests that the market is maturing faster than regulators anticipated. This puts immense pressure on legacy Saudi banks to accelerate their own digital transformations or risk losing the high-frequency retail and remittance market to agile, wallet-first providers. The focus on HNWIs and travelers also indicates that the cashless trend is moving beyond basic utility into the premium lifestyle sector.