HPS introduces QR-based national payment system to Saudi Arabia

Saudi Payments is a fully owned subsidiary of Saudi Arabia Monetary Authority (SAMA). The unified QR code platform is meant to enable banks, wallet providers and FinTech companies to interact within an interoperable platform thereby leading to the enhancement of the electronic payment sector.

The objective mentioned is to develop an integrated payment environment that allows all parties to benefit in an open-loop payment environment based on the latest messaging standards, ISO 20022. It means merchants, individual customers, and service providers will be linked together to complete payments using the same code regardless of the service provider or scheme.

The development of a national QR code payment system is in alignment with the Financial Sector Development Program (FSDP) initiatives on digital transformation, entrepreneurship support, and financial technology development, aimed at meeting the aspirations of Vision 2030 and a cashless society in the Kingdom.