Company will offer an expanded range of world-class card payment services and solutions
IDEMIA, the global leader in augmented identity, has expanded its footprint in the Middle East through the acquisition of Saudi Arabia’s most prominent card personalization bureau, the company revealed in a press release.
Strengthened by PCARD’s capabilities, IDEMIA will offer an expanded range of world-class card payment services and solutions to the Kingdom’s banking and payment ecosystem.
International Smart Card Factory Company, locally known as PCARD, was founded in 2008 and offers services from smart card personalization, mobile banking, digital wallets, instant card issuance, EMV chip migration consultancy, card inventory tracking and management.
In 2016, the KSA government announced a move towards a cashless economy as part of its Saudi Vision 2030 development goals.
As a result of these efforts, the number of cashless PoS (point-of-sale) transactions in 2019 reached 1.6 billion, a rise of 57% on the previous year, while contactless PoS transactions hit 918.5 billion in 2019, an increase of 442% in 2018, with bank cards and smart phones representing 57% of all PoS transactions.
Additionally, experts suggest that KSA is expected to have over 6.4 million credit cards and 28 million debit cards in circulation by 2023.
“As a leader in payment card technology, this acquisition stems from our commitment to improve the lives of hundreds of millions of people by enabling trusted and secure access to financial services for everyone. We do this by providing innovative solutions that enable a unique, secure and convenient payment experience to the end consumer,” commented Julia Schoonenberg, Senior Vice President, MEA, Financial Institutions, IDEMIA.
