Alinma Bank has become the first bank in Saudi Arabia whose card services are compatible with the UnionPay International payment system, one of the largest payment networks in the world and the predominant network in East Asia. The move will allow Alinma to fulfill the card transaction needs of the numerous individuals residing in and traveling to the Kingdom who are UnionPay system cardholders.
Alinma worked in concert the Saudi Payments Network (MADA) and the Saudi Arabian Monetary Agency (SAMA) to address the technical requirements related to the linking of Alinma with UnionPay. As a result of the successful implementation, UnionPay system cardholders will now be able to use Alinma Bank’s extensive network of ATMs to perform balance inquiries and make cash withdrawals. Additionally, UnionPay cardholders will be able to complete point-of-sale transactions (POS) at retailers using the Alinma POS system.
Alinma Bank will also begin issuing its debit and credit cards with UnionPay system compatibility and the UnionPay logo printed on the backs of all cards. This will allow Alinma partners (customers) visiting East Asia, especially China, for business, trade and tourism, to avail themselves of similar ATM and POS services while abroad. These cards will debut later in 2016.
Speaking about the new service offering, Alinma Bank CEO, Mr. Abdulmohsen Al-Fares, said that he was pleased that Alinma could take a leadership role in bringing ease and convenience to both UnionPay cardholders and Alinma partners. He noted that the move would be of particular importance to the large number of East Asian pilgrims traveling to Makkah and Madinah each year as well as the increasing number of business travelers and tourists traveling to and from East Asia as part of the ever-growing global network of trade and commerce. Al-Fares further noted that it was part of Alinma’s strategy to continually address new and emerging needs in the market and that he was pleased to be in partnership with UnionPay.
Alinma Bank provides industry leading products and services in line with the latest in banking technology and best practices. It serves its partners (customers) through its network of 116 branches across Saudi Arabia as well as through it full range of electronic channel offerings including Alinma Internet (www.alinma.com), Alinma Phone (8001208000), Alinma Mobile, the Alinma smartphone application, and its network of 1125 kingdom-wide ATMs.