Saudi Payments to introduce national payments system in Saudi Arabia

Thursday 16 May 2019 10:34 CET | News

Saudi Payments has signed a MoU with banks and financial technology companies to implement a QR-based national payment system in Saudi Arabia.

The move is intended to develop existing services and to facilitate the implementation of the QR code technology via a platform that will be serving e-wallet providers, merchants, and consumers.

By implementing this national platform, Saudi Payments aims to provide payment solutions for retailers, payment service providers, and individual customers through a unified platform that enables all involved parties to interact using one common and consistent standards.

SAMA, represented by Saudi Payments, is responsible for the development and operation of the national payments infrastructure in the Saudi Arabia, which includes as part of its services the national card scheme (mada).

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Keywords: Saudi Payments, payments system, Saudi Arabia, SAMA, merchant, bank
Countries: World

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