Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, announced that Riyad Bank, one of Saudi Arabia’s foremost financial institutions, is migrating its entire portfolio to Gemalto’s Clarista Contactless EMV card, powered with the industry-standard MULTOS operating system. This is the country’s first contactless payment method, which grants Riyad Bank a clear differentiator in the local retail banking market.

Consumers love the convenience and speed of paying with a contactless card – no more fumbling for cash, counting change, or wondering about whether they have enough cash for a purchase. The introduction of contactless cards puts Riyad Bank at the forefront of one of the most powerful trends currently shaping the consumer environment in Saudi Arabia, where the contactless infrastructure is being established. The latest report from ABI Research predicts there will be 100,000 contactless payment terminals across Saudi Arabia by the end of 2015, rising to 500,000 by 20191.

“Riyad Bank achieved SAMA2 certification recently and Gemalto was first to offer a dual interface card that meets this requirement, a key determining factor in our decision,” said Khalid Hariry, Senior Vice President and Head of Retail Products and Services Section at Riyad Bank. “Based on Riyad Bank’s long-standing and successful business partnership with Gemalto and their position as world leader in contactless EMV cards, they were the natural choice for our innovative project.”

“Riyad Bank will reap the benefits of being first to market in Saudi Arabia, with a solution that offers broad appeal, especially for young, fashion-conscious consumers,” said Eric Claudel, President of Middle East & Africa for Gemalto. “Gemalto is committed to supporting Riyad Bank in their contactless strategy, which could evolve towards mobile NFC solutions.”

1 ABI Research: “Payment card and banking card contactless technology market data”; Dec. 2014
2 Saudi Arabian Monetary Agency (SAMA)