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Virgin Mobile Develops Saudi Banking App

(The Communications and Information
Technology Commission) regulations. In
that sense we are the best-performing
mobile operator in Saudi Arabia,” he said.
Nielsen says that with that ethos behind
them, coupled with very strong digital
capabilities and an abundance of research
analysis, Virgin can expect to see plenty
of customers come onboard with the new
services. “We do have experience from
other countries. For example, in Oman,
customers can buy life insurance products
on the back of their subscription. For us,
what we’re doing in Saudi Arabia is a
natural expansion step, and we expect
to continue to develop and evolve and
Telecom provider Virgin Mobile has signed application to link their bank accounts hopefully provide even more exciting
an agreement with the Saudi Investment and cards to their phone, allowing them products to the Saudi Arabian market.”
Bank (SAIB) to become the first entity in to carry out international transfers. Since launching in 2014, Virgin Mobile has
the Kingdom to obtain a banking agent’s “Effectively, if you have money on an ATM netted more than 2.5 million customers in
license. The strategic partnership, card or bank account, you can transfer it to Saudi Arabia, and has become one of the
endorsed by the Saudi Arabian Central the Virgin Mobile banking application, and top ten Mobile Virtual Network Operators
Bank, will enable the telecom provider’s then straight from your mobile phone you (MVNOs) in both the Kingdom and in
customers to use financial services on can do international money remittance,” he Oman, out of more than a thousand in
their phones. Erik Dudman Nielsen, Group said. Phase two will be to enable domestic the world. “We have a 6-7 percent market
CEO of Virgin Mobile Middle East & Africa, usage, allowing users to pay for items in share both in Saudi and Oman, so we’re
told Arab News the announcement of the stores, restaurants and cafes using only very proud of the performance that we
new milestone made him proud. “We’re their phones. However, that option has have. It’s a testament to what it means
now in a position where we can enable been available to Saudis for a while, with to be an MVNO. We’re very focused on
Virgin Mobile customers to take electronic options such as Apple Pay, which was the segments we serve, and we provide
funds of any sort and fundamentally made available to Saudis in early 2019, offers and services built around their
allow them to do international money and mada Pay, launched in mid-2019. needs, and that’s how we succeed,” said
transmittance or remittance,” he said. Saudis have been able to pay bills and Nielsen. The Virgin Mobile announcement
Nielsen said that the services would be transfer funds to sellers electronically came after the news last week that digital
made available to everyone, regardless using SAMA’s Sadad payment system payment transactions in the Kingdom
of which banks they had accounts in or since 2004. However, Nielsen believes that jumped by 75 percent in 2020 as Saudi
which telecom providers they used. “Users Virgin’s reputation and loyal userbase will consumers embraced online shopping
will not need to have an account with the create a strong enough incentive for users during the coronavirus (COVID-19)
Saudi Investment Bank. You’re completely to opt in for the new application, once all pandemic, while cash withdrawals from
bank independent. Any customer from the services are made available. “As part of ATMs and other payment points fell 30
any bank, or for that matter, any mobile the Virgin Mobile brand, and our company percent over the same period. Speaking
operator, can use our app and perform ethos, we are very customer-focused. That to Arab News, Talat Zaki Hafiz, economist
mobile transfers. But existing customers goes for everything we do; we always try and secretary-general of the media and
of Virgin Mobile will get exclusive benefits to remove ping points for customers. Over banking awareness committee for Saudi
for their transfers,” he said. Phase one, the past three years, quarter by quarter, banks, said non-cash transactions are
which the company aims to kickstart in we have been the company with the least expected to make up to 70 percent of all
February, will allow customers to use the complaints in Saudi Arabia as per CITC transactions by 2030.

52 JANUARY 2021