mada

What mada does

mada is the national payment scheme of Saudi Arabia, owned and operated under the regulatory supervision of the Saudi Central Bank (SAMA) as one of the products of Saudi Payment. Headquartered in Riyadh with 251–500 employees, the company operates the central switch that interconnects issuing banks, acquiring banks, payment service providers, and merchants across the Kingdom, routing electronic transactions initiated at POS terminals, ATMs, e-commerce platforms, and mobile applications.

The technology platform is built around a central payment switch that processes transactions across multiple acceptance channels. Core products include the mada POS service (with IP-based and GPRS connectivity and NFC 'atheer' contactless acceptance), SoftPOS (an Android-based software POS that turns any smartphone into a card acceptor), mada e-Commerce (with 3D Secure authentication), the mada Pay mobile wallet for Android, and full Apple Pay integration on iOS devices. The scheme is also expanding into adjacent use cases such as mada Transit for public transportation (launched 2023) and supports co-badged cards with international schemes (Visa, MasterCard, Amex, Discover, JCB) plus regional acceptance through GCCNet. Reported 2023 metrics include 1.7M+ POS terminals, 16,000+ ATMs, 47.7 million issued cards, 8.9 billion POS transactions worth 613.9 billion SAR, and 8.6 billion NFC transactions worth 575.6 billion SAR.

Commercially, mada generates revenue from interchange and network fees charged to member banks and from its share of the Merchant Service Charge (MSC) capped at 0.80% per transaction with a maximum of SAR 40. Cardholders pay no usage fees. Go-to-market is entirely channel-partner driven: every Saudi bank acts as both issuer and acquirer, and merchant onboarding runs through acquiring bank relationships, creating universal acceptance without a direct mada sales force. As a regulated national infrastructure provider rather than a private commercial enterprise, mada has no external investors and operates under SAMA's mandate to support Saudi Arabia's cashless-payment objectives.

Name

mada

Legal name

Mada

Website

https://mada.com.sa

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

251–500 employees

Short description

mada is Saudi Arabia's national payment scheme, owned by SAMA, that operates the central switch connecting all Saudi banks, 1.7M+ POS terminals, 16,000+ ATMs, and 47.7 million issued cards to process domestic electronic payments.

Ownership category

akta.pro rank

Product category

National Payment Network

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

akta.pro secondary industries

Recurring Billing, Subscriptions & Tokenized Payments (CRAFALAH), Payments Operations (ACH/Wire/RTGS, SWIFT, SEPA, Checks) (FSABALAB)

Keywords

• National payment network
• Card payment processing
• Payment switch services
• POS payment infrastructure
• Electronic payment scheme

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Transaction Processing Fees: mada generates revenue through transaction fees charged to merchants for payment processing services. Acquiring banks levy a Merchant Service Charge (MSC) calculated as 0.80% of purchase value per transaction, with a maximum of SAR 40 per transaction. Cardholders do not pay fees for using their mada cards.
2. Interchange and Network Fees: Fees collected from participating banks (issuers and acquirers) for using the national payment infrastructure. Banks pay for connectivity to the mada network for processing card transactions across POS, ATM, and e-commerce channels.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels4 records

Core offering

mada operates Saudi Arabia's national payment scheme, providing a central payment switch that connects banks, ATMs, POS terminals, and online platforms to process local electronic payments. It offers POS acceptance services (including NFC contactless/atheer), SoftPOS smartphone acceptance, mada e-Commerce with 3D Secure authentication, mada Pay mobile wallet, Apple Pay integration, and the mada Card (debit/prepaid) products. Revenue is generated through Merchant Service Charges of 0.80% per transaction (capped at SAR 40) levied on merchants via acquiring banks, plus interchange and network fees from member banks.

Product overview

mada is Saudi Arabia's national payment scheme, owned by the Saudi Central Bank (SAMA), operating as the primary card network that interconnects issuers, acquirers, and payment service providers across the Kingdom. The platform provides a comprehensive payment ecosystem comprising mada POS (Point of Sale) service for in-store payments with NFC contactless (atheer) and traditional card acceptance, Soft POS for mobile-based payments on Android devices, mada e-Commerce for secure online transactions with 3D Secure authentication, mada Pay (proprietary mobile wallet for Android NFC payments), and Apple Pay integration for iOS device payments. Additional offerings include mada Card products (debit/prepaid), the mada Transit service for public transportation, and merchant services including Point of Sale reconciliation and certification. The system processes transactions through a central hub that routes financial transactions to card issuers for payment completion, supporting local, regional (GCC via GCCNet), and global (Visa, MasterCard co-branding) acceptance.

Differentiator

Problem solved

Functional benefit

Brands

• mada atheer: Contactless NFC payment service launched in 2017, allowing cardholders to pay using smart devices or cards at NFC-enabled POS terminals.
• mada Pay
• mada Naqd
• SoftPOS
• mada Transit

Products and services

• mada POS (Point of Sale) Service Electronic payment terminals at retail locations across Saudi Arabia that process card transactions via NFC contactless (atheer) and traditional methods. Supports IP-based broadband and GPRS mobile connectivity. Provided through acquiring banks to merchants.
• mada e-Commerce Secure online payment service enabling cardholders to pay at Saudi online merchants using mada cards with 3D Secure protocol authentication, designed to minimize unauthorized use and prevent card-not-present fraud.
• mada Pay Android mobile wallet application enabling secure NFC-based contactless payments using provisioned mada cards with virtual account numbers and screen lock security. Available via Google Play.
• Apple Pay (mada integration) Mobile payment service integrated with Apple Wallet that allows mada cardholders to make contactless payments using iPhone, Apple Watch, and MacBook Pro devices via NFC technology with tokenization and biometric authentication.
• mada atheer (NFC Contactless Payments) Near Field Communication (NFC) contactless payment technology that allows cardholders to pay by tapping their mada cards or smart devices at NFC-enabled POS terminals, with PIN-free transactions under 300 SAR.
• SoftPOS Mobile-based POS service allowing businesses to accept card payments through their Android smartphones without additional hardware. Supports mada and multiple international payment schemes including Apple Pay, GCCNet, VISA, MasterCard, Amex, Discover, JCB, and UPI.
• mada Card Debit and prepaid cards issued by local mada member banks, enabling in-store purchases, online shopping, ATM cash withdrawals, and digital payments throughout Saudi Arabia with local, regional (GCC), and global acceptance.
• mada Transit Public transportation payment service launched in 2023, enabling fare payments across transportation networks in Saudi Arabia using mada cards and mobile wallets.

Quantifiable outcome

• Transactions completed in 15 seconds
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

18 partnerships are on record, tiered core.

• Saudi Central Bank (SAMA)coreStrategic or Co-development Partnermada is accredited by Saudi Central Bank (SAMA) and is one of the products of Saudi Payment. SAMA provides regulatory oversight, certification for POS terminals, and sets standards for the national payment infrastructure.
• Bank AlbiladcoreChannel Partner/ Reseller/ DistributorBank providing mada POS services and issuing mada cards to customers as a member bank of the mada network.
• SABB (Saudi British Bank)coreChannel Partner/ Reseller/ DistributorBank providing mada POS services and issuing mada cards to customers as a member bank of the mada network.
• alinma bankcoreChannel Partner/ Reseller/ DistributorBank providing mada POS services and issuing mada cards to customers as a member bank of the mada network.
• anb (Arab National Bank)coreChannel Partner/ Reseller/ DistributorBank providing mada POS services and issuing mada cards to customers as a member bank of the mada network.
• GIB (Gulf International Bank)coreChannel Partner/ Reseller/ DistributorBank providing mada POS services and issuing mada cards to customers as a member bank of the mada network.
• Banque Saudi FransicoreChannel Partner/ Reseller/ DistributorBank providing mada POS services and issuing mada cards to customers as a member bank of the mada network.
• alrajhi bankcoreChannel Partner/ Reseller/ DistributorBank providing mada POS services and issuing mada cards to customers as a member bank of the mada network.
• SNB (Saudi National Bank)coreChannel Partner/ Reseller/ DistributorBank providing mada POS services and issuing mada cards to customers as a member bank of the mada network.
• The Saudi Investment BankcoreChannel Partner/ Reseller/ DistributorBank providing mada POS services and issuing mada cards to customers as a member bank of the mada network.
• Riyad BankcoreChannel Partner/ Reseller/ DistributorBank providing mada POS services and issuing mada cards to customers as a member bank of the mada network.
• VisacoreTechnology or IntegrationInternational payment scheme enabling mada cardholders to use their cards globally at Visa-accepting merchants worldwide.
• MasterCardcoreTechnology or IntegrationInternational payment scheme enabling mada cardholders to use their cards globally at MasterCard-accepting merchants worldwide.
• GCCNet (Gulf Payments Network)coreTechnology or IntegrationRegional payment network enabling mada card acceptance in GCC countries through 1.6M+ POS terminals and 16,000+ ATMs.
• Apple Inc.coreTechnology or IntegrationApple Pay integration launched in 2018, enabling mada cardholders to add eligible cards to Apple Wallet and pay with iPhone, Apple Watch, and MacBook Pro using NFC technology.
• GeideacoreTechnology or IntegrationPayment service provider offering e-commerce payment gateway and merchant POS services integrated with mada network.
• PaymobcoreTechnology or IntegrationPayment gateway provider enabling e-commerce merchants to accept mada payments with 3D Secure authentication.
• PaytabscoreTechnology or IntegrationE-commerce payment gateway facilitating mada online transactions for regional merchants.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• JCB: Japan's domestic payment card scheme that expanded internationally. Comparable to mada as a national-origin card scheme with cross-border acceptance partnerships, particularly relevant given JCB is one of mada's accepted networks.
• Visa: Global card network that co-badges with mada and operates directly in Saudi Arabia. Comparable as a competing card scheme/acceptance network, though vastly larger and global in scope; directly relevant as a partner and competitor.
• Mastercard: Global card network partnering with mada for international acceptance and operating directly in Saudi Arabia. Comparable as a competing payment scheme, though operating at global scale rather than as a national payment infrastructure.
• UnionPay: China's national payment network that expanded globally. Comparable to mada in its origin as a domestic mandated card scheme, though now operating at much larger global scale as an international payment scheme competing with Visa/Mastercard.

Regional players

• Meeza: Egypt's national payment network and card scheme under the Central Bank of Egypt. Comparable as a regional Middle East/Africa domestic payment switch processing card transactions across the local banking ecosystem.
• KNET (Kuwait National Payment Network): Kuwait's national payment network operated by the Central Bank of Kuwait, providing shared ATM/POS switching for local banks. Direct regional analogue to mada in mandate, structure, and GCC market dynamics.
• Benefit: Bahrain's national payment switch operating under the Central Bank of Bahrain. Closely comparable to mada as a GCC-based domestic card network and switch connecting local banks, ATMs, and POS across a single national market.

Emerging players

• Verve: Africa's leading domestic payment card scheme, operating across multiple African markets. Comparable to mada as a regional/emerging domestic payment scheme focused on a specific geographic market rather than competing globally.

Direct peers

• NETS: Singapore's national payment network for cards and digital payments, operating a domestic payment switch with mandated bank participation. Comparable to mada in role as a national payment scheme serving a single country.
• National Payments Corporation of India (NPCI): Operates India's national payment rails (RuPay, UPI, IMPS) under RBI oversight. Closest functional analogue to mada as a domestic payment switch and card scheme with regulatory mandate, processing billions of transactions for a single national market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mada
• YouTubeyoutube.com/watch?v=_q2Xwqpan-k
• Facebookfacebook.com/mada
• LinkedInlinkedin.com/company/mada-saudi

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about mada