According to the Governor of the Central Bank, the system is part of a series of SAMA-led initiatives to promote the national payments ecosystem, which aim to achieve financial inclusion. The system provides beneficiaries with services and transfer options such as using the mobile number as an identifier instead of the IBAN for transactions between banks, as well as the ability to verify the validity of the recipient’s bank account before completing the transaction.
Via the new payment system, financial transaction of less than USD 5,332 will be instantly credited to the recipient account. Furthermore, ‘sarie’ also offers a quick transfer service, which, upon activation by the account holder, allows the banking sector’s clients to send payments of amounts of less than USD 666 without adding and activating the beneficiary.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.