Riyadh Air launched RX Pay, a suite of co-branded Mastercard cards issued through Saudi banks, allowing customers to earn the airline’s Sfeer Points on everyday spending, the carrier said on July 23.
The launch broadens the revenue base of a carrier that has yet to build the network scale of its Gulf rivals, having begun commercial flights only in 2025. Co-branded card programmes and loyalty currency sales are among the most profitable lines at established airlines, and give a new entrant a revenue stream that does not depend on filling seats.
Riyadh Air holds an exclusivity agreement with Mastercard in Saudi Arabia, where the phased rollout begins. The airline said the programme would extend across its network, adding local bank partners in new markets.
The carrier did not name the issuing banks, disclose fees or interest rates, or give a date for cards to become available.
Points earned can be redeemed against flights and travel, and against any purchase where Mastercard is accepted. The cards offer multi-currency capability, split payments and instalment options through the issuing banks.
“We didn’t want to put our name on someone else’s card, we wanted to create something truly Riyadh Air, one that rewards our guests in their everyday lives, not just when they fly,” said Adam Boukadida, chief financial officer of Riyadh Air.
Adam Jones, executive vice president and division president for West Arabia at Mastercard, said the partnership brought the network’s security, acceptance and everyday value to the product.
Riyadh Air is owned by the Public Investment Fund and forms part of the Vision 2030 programme to establish Riyadh as an aviation hub, targeting more than 100 destinations by 2030.
Why it matters for the trade
Loyalty is where airline economics get interesting, and a co-branded card is usually the most profitable thing a carrier owns. For a start-up flag carrier, launching one this early is a statement about where Riyadh Air expects its margin to come from: not from a network it has barely built, but from selling points to a bank. The detail worth watching is the redemption structure. Sfeer Points can be spent on any Mastercard purchase, not just flights. That is unusual, and it cuts both ways for the trade. It makes the currency more attractive to consumers, which supports the value the bank pays per point. It also weakens the lock-in that makes frequent flyer schemes work, since a member with no reason to redeem on flights has less reason to fly.