Mastercard has agreed to develop new payment cards and digital services with Saudi Arabia's Enjaz Company, targeting businesses, affluent customers and travellers as the kingdom expands electronic payments.The collaboration will broaden Enjaz's financial products for individual and corporate customers, combining its existing digital wallet and money transfer services with Mastercard's card technology and international payments network. The companies said the proposed offerings would address everyday spending alongside the financial and lifestyle requirements of higher-income customers.
Enjaz plans to introduce a range of cards aimed particularly at expatriates, frequent travellers and high-net-worth individuals. The products are intended to offer improved security, more convenient payments and benefits tailored to different customer groups. Neither company disclosed a launch timetable, pricing structure or the number of cards it expects to issue.
The agreement also places business customers at the centre of the expansion. Enjaz expects the products to increase the range of payment services available through its platform, while Mastercard is seeking wider participation by Saudi enterprises in digital commerce. Details of specific corporate card features and eligibility requirements have not been announced.
Bassam Suleiman Aleidy, chief executive of Enjaz, said digital transformation had changed business operations and daily life across Saudi Arabia. He described the partnership as an opportunity to provide customers with payment tools suited to changing financial needs and greater participation in the digital economy.
The companies identified the kingdom's expanding expatriate population, business sector and premium consumer market as important audiences for the initiative. For customers already using Enjaz for transfers and wallet services, the proposed cards would add another means of making payments. The precise arrangements linking cards to existing accounts have not been specified.
Saud Swar, Mastercard's country manager for Saudi Arabia, Bahrain, Jordan and other Levant markets, linked the collaboration to the kingdom's financial technology and tourism strategies. He said adoption of electronic payments among smaller businesses was creating opportunities for additional products and services.
Swar cited Mastercard's SME Confidence Index 2026, which found that 77 per cent of surveyed small and medium-sized enterprises in Saudi Arabia accepted online payments. The survey also found that 67 per cent accepted card payments and 54 per cent accepted mobile payments, illustrating differences in adoption across payment channels.
Those figures describe businesses surveyed rather than every enterprise operating in the kingdom. They nevertheless indicate that digital acceptance is established among many smaller firms, even as demand for different payment methods continues to vary. Mastercard expects its work with Enjaz to extend access to card-based services among businesses and consumers.
The initiative comes as Saudi authorities pursue wider use of electronic payments under the Financial Sector Development Programme, a component of Vision 2030. Electronic transactions accounted for 85 per cent of retail payments in 2025, above the programme's 70 per cent target, according to figures cited in the partnership announcement.
That national measure concerns the share of retail payments made electronically and does not establish how much additional activity any single card partnership will generate. The companies have not published forecasts for transaction volumes, revenues or market share arising from their agreement.
Enjaz operates in financial services and digital wallets, including domestic and international money transfers. Its established remittance activities give the company a customer base with cross-border payment needs, although the partners have not detailed whether the new cards will include preferential exchange rates or particular overseas transfer features.
Mastercard's role will centre on payment technology and the capabilities supporting the planned card portfolio. The announcement did not identify individual card tiers or specify whether all offerings would be available digitally, physically or in both formats. Further information on distribution and customer access remains outstanding. No details were provided on rewards programmes, annual fees or insurance benefits associated with the cards, leaving their positioning within the market unclear.
The arrangement follows other Mastercard initiatives in Saudi Arabia addressing business payments and premium cardholders. Its collaboration with SNB Group has included merchant payment technology, while a separate programme with Riyad Bank introduced corporate travel and expense cards. Those agreements involve different institutions and products.
For Enjaz, the new agreement adds card issuance ambitions to services already used for transferring and managing money. The company has not disclosed the number of customers eligible for the proposed products or whether existing users will receive preferential access when applications open.
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Saudi Arabia