RIYADH: Global digital payment service provider Visa plans to launch a state-of-the-art innovation center by the end of 2023 in Riyadh, to position itself as Saudi Arabia’s major hub for next-generation payment solutions and experiences. The new facility will allow its partners access to cutting-edge payment technologies to facilitate the creation of domestic solutions that can be used locally and later be exported to countries globally, it said in a press release. The new innovation center will feature virtual reality, biometrics, and Internet-of-Things applications, as well as Visa innovation and technology experts. Moreover, the center plans to focus on developing innovations to cater to governments, financial institutions, fintech, and businesses. “The rapid acceleration of digital payments has helped establish the Kingdom of Saudi Arabia as a global leader in driving the future of commerce and money movement,” said Visa’s Regional President for the CEMEA region Andrew Torre. The new hub falls in line with the Saudi Vision 2030 to place the Kingdom among the top ten countries in the Global Competitiveness Index. Having already reached 57 percent of cashless payment of all consumer payments in 2021, the new center looks to further cement the Kingdom’s objectives of becoming a less-cash society.