Mastercard Collaborates with Central Bank of Jordan on Payment Digitization

Published about 1 month ago

Mastercard has joined forces with the Central Bank of Jordan (CBJ) to develop a strategic plan for the digitization of the national payment ecosystem.

This partnership underscores CBJ’s commitment to stimulating economic growth by encouraging the use of digital payments, enhancing financial inclusion, and reducing the high reliance on cash transactions. CBJ will leverage Mastercard’s global expertise to fast-track economic and payment digitization while improving acceptance.

Mastercard’s proven approach, which involves an in-depth review of payment flows between businesses, consumers, and the government, will be instrumental in addressing challenges related to policy and regulation. This partnership serves as a strategic roadmap, guiding businesses and consumers towards a more efficient, secure, and accessible financial future.

Connecting Economies and Fostering Innovation

The collaboration is not only set to create a more interconnected economy but also to fuel innovation, promote inclusion, and stimulate economic growth. It is aligned with the Economic Modernization Vision - a royal initiative - and the National Strategy for e-Payments in Jordan 2023-2025.

These initiatives aim to achieve comprehensive digital transformation, boost financial inclusion, and encourage the transition to a cashless economy. High-impact initiatives are expected to be ready for implementation later this year, marking the beginning of a long-term collaboration to advance Jordan’s digitization journey, according to His Excellency Dr. Adel Al Sharkas, Governor, Central Bank of Jordan.

Mastercard’s Role in Digital Transformation

Mastercard serves as a trusted partner, technology provider, and advisor to governments in the region and beyond. It provides innovative technology solutions, digital platforms, and insights that offer a seamless and secure payment experience to citizens, with the aim of building a connected world that works for everyone, said Adam Jones, Country General Manager, MENA Central, Mastercard.

Currently, most payments in Jordan are made in cash, a method that comes with significant costs such as underreported income, with informal economies accounting for up to 40% of the GDP. Additionally, cash is less secure and can be expensive for businesses to manage. Through financial education, merchants and consumers can understand the various benefits of digital payments.

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