By this partnership, Mastercard helps the Central Bank of Jordan in its ongoing efforts to boost economic growth by encouraging the use of digital payments, extending financial inclusion, and reducing excessive cash usage.

Goals of the Central Bank of Jordan and Mastercard partnership

According to the press release, Mastercard's worldwide experience will help the Central Bank of Jordan expedite the digitization of the economy and payments and increase acceptance. Furthermore, Mastercard plans to make use of its tried-and-true methodology, which entails analysing payment flows amongst companies, consumers, and the government with an emphasis on resolving challenges like legislation and regulation. By helping to create a more connected economy that can promote innovation, increase inclusion, and boost economic growth, the collaboration hopes to help consumers and companies realise a more effective, safe, and accessible financial future.
 

In addition, CBJ representatives emphasised that Mastercard can assist in the creation of a national payment digitization plan that aligns with the National Strategy for e-Payments in Jordan 2023–2025 and the Economic Modernization Vision, thanks to its vast experience supporting governments in accelerating digital transformation. The efforts aim to achieve a comprehensive digital transformation that fosters electronic service delivery, financial inclusion, and the facilitation and support of Jordan's transition to a cashless, digital economy. By the end of 2024, the CBJ hopes to have a number of projects ready for action. The bank also anticipates a long-term partnership with Mastercard that will help the region's digitization efforts.

Officials from Mastercard said that the business wants to work with local governments as a partner, technology supplier, and advisor. It plans to give solutions, digital platforms, and information that can make life easier and safer for residents. The region faces higher expenditures in several forms, such as underreported income, given that the majority of payments in Jordan are now made in cash. Cash is also a less expensive and less safe way for businesses to make payments. Therefore, better financial education on the many benefits of digital payments can help both consumers and merchants.

Before making this announcement, Mastercard and Loop collaborated to give Saudi Arabian consumers and companies access to more sophisticated credit card options and better payment options. Through the partnership, Loop would be able to leverage Mastercard's resources and technology to improve and diversify its offering of goods and services.