Tweeq just announced that its payment cards would be customized right here in Riyadh, according to a release. This also demonstrates IDEMIA’s dedication to adapting global technology to the Kingdom’s needs, as evidenced by the use of IDEMIA’s well-known Common Personalisation System (CPS).
“We are pleased to have a payment cards leader like IDEMIA as our partner. As a fintech, it is important to us to provide our customers with unparalleled products that define the unique experience we aim to deliver to our customers,” said Saeed Albuhairi, CEO, Tweeq.
“We are proud that Tweeq has selected IDEMIA’s card solutions services. This highlights the trust the institution has in IDEMIA as their technology partner. As a market leader in payment card technology, IDEMIA strives to deliver high-quality offerings that reflect our clients’ commitment to their customers,” said Julia Schoonenberg, Senior Vice President, MEA, Financial Institutions, IDEMIA.
IDEMIA, which now serves many large domestic banks, created the Global Fintech Accelerator Program last year to help emerging fintech quickly execute cardholder onboarding and card issuance. IDEMIA’s CPS makes it easier for financial institutions and fintech to manage a consistent portfolio of digital and physical payment methods offerings. CPS supports all 30 IDEMIA service centers worldwide, including the one in Riyadh, to enable the transfer and reuse of card profile developments in an instant and secure manner.
The Kingdom of Saudi Arabia (KSA) has developed to be a prominent fintech market globally, with over two-thirds of the population under 35, technologically aware, and a purposeful effort towards a cashless economy as part of its 2030 Vision. According to studies, the business is valued $17.8 billion in transaction volume, with growth expected to reach $47.5 billion by 2025.
The transfer to electronic payment methods, with financial cards presumably at the vanguard of this trend, is a crucial driver in this cashless change. Experts estimate that by 2023, Saudi Arabia will have over 30 million payment cards in circulation.
Tweeq, a fintech created in 2020, allows consumers to open an account in seconds with their mobile app and begin receiving and sending payments right away. Tweeq is also teaming with IDEMIA, a global pioneer in card technology, to deliver payment cards to Tweeq users. This payment card allows customers to make in-store and online transactions as well as withdraw cash from an automated teller machine (ATM).
