Saudi Arabia launches online payments service

Thursday 22 March 2018 10:58 CET | News

The Saudi Arabian Monetary Authority (SAMA) has announced that it will allow banks operating in the kingdom to offer online payment and purchase services to cardholders. 

These services will be available under the Saudi Payment Network which will be fully launched in April. 

The Mada debit card system comes under the kingdom’s digital payment strategy designed to reduce consumer reliance on cash transactions.

There are an estimated 29 million Mada cards in circulation, more than any other bankcard type in the region, according to the announcement.

The Saudi Payment Network previously announced the imminent availability of online payments at the start of 2018.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Saudi Arabia, online payments, payments network, Saudi payments network
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce