Saudi Arabia is the largest e-commerce market in the Middle East, with annual online transaction volume in the tens of billions of dollars, and its shift to cashless payments is moving fast enough to surpass the Vision 2030 target of 70% electronic payment share. The foundation of this shift is the national debit network, Mada. Mada is operated by Saudi Payments under the Saudi Central Bank (SAMA), and most debit cards issued by Saudi banks are connected to this network, making it a default payment method at both POS terminals and online. If you are selling to consumers in Saudi Arabia, this is the first payment method worth considering.

In particular, Mada reaches even consumers who hold only a bank account and debit card without a credit card, making it well suited for Korean merchants selling frequently purchased, mid-price products such as household goods, fashion, and digital content across Saudi Arabia. A checkout page that only offers international card brands may miss local debit card users, so please also review the complementary methods and combinations shown in the table below.

Saudi consumers enter their Mada debit card number at checkout and complete identity verification, such as an OTP sent by the issuing bank, to pay in SAR. Hecto Financial receives the resulting payment in local currency (SAR), converts it, and settles it with the Korean merchant in whichever currency was selected in the contract — USD, KRW, or JPY. The detailed steps of the card verification stage can vary depending on the issuing bank and integration method, so reviewing the technical documentation before integration is necessary.

Korean corporations can consider accepting Mada payments through a single contract with Hecto Financial, without setting up a local entity in Saudi Arabia or contracting directly with a local acquirer. However, because this is a national debit network, the acquiring route and support terms (fees, settlement cycle, settlement currency options) vary by industry and transaction volume, so confirmation with the sales team before signing a contract is necessary.

• Business registration country

  Confirm eligibility for a contract as a Korea-based merchant

• Sales channel

  The integration method differs depending on whether you are online-only or also operate offline stores in Saudi Arabia

• Product categories

  Advance confirmation is needed on whether your categories fall under merchant policy restrictions from the Mada operator

• Local regulatory compliance

  Confirmation is needed on compliance with Saudi Arabia's payment and foreign exchange regulations (see official sources below)

Payments made via Mada are first received by Hecto Financial in Saudi riyal (SAR). After currency conversion, the funds are paid out to the Korean merchant in the currency designated in the contract (one of USD, KRW, or JPY), with the settlement cycle and fee rate determined by the contract terms. When a refund occurs, both Mada's network cancellation rules and Hecto Financial's operating policy apply, so please confirm the refund processing timeline and the point at which the exchange rate is applied at the contract stage.

• Saudi Central Bank (SAMA)Official information on Saudi Arabia's payment systems and related regulations. If this page's content differs from the actual regulations, the official source takes precedence.