SAUDI-ELECTRONIC PAYMENT New e-payment system launched in Saudi Arabia

Record ID: 140758

  • Title: SAUDI-ELECTRONIC PAYMENT New e-payment system launched in Saudi Arabia
  • Date: 31st August 2015
  • Summary: (SOUNDBITE) (Arabic) GENERAL MANAGER OF DEPARTMENT OF PAYMENT SYSTEM AT SAUDI ARABIAN MONETARY AGENCY, ABDULMALIK AL-SHEIKH, SAYING: "Last year, the value was 170 billion Saudi riyal ($45 billion) of operations via Point -Of-Sale in the kingdom via 360 million transactions. This year, we are expecting that the sales of POS in the kingdom will exceed 200 billion riyal and t
  • Embargoed: 15th September 2015 13:00
  • Keywords:
  • Location: Saudi Arabia
  • Country: Saudi Arabia
  • Topics: General
  • Reuters ID: LVA5JCPVZK6OKMRGADERWX9GW8S
  • Aspect Ratio: 16:9
  • Story Text: Saudi Arabia on Monday (August 31) officially launched a new electronic-payment system, designed to make transactions faster and easier.
    The new e-payment system provides customers with additional services, such as a contactless payment system and receiving cash back while shopping.
    The country's central bank, the Saudi Arabian Monetary Agency (SAMA), says the new service will provide customers with safe and fast payment method.
    "We are now launching the comprehensive marketing campaign, it will called: 'Mada for each day', that means it is with us 24 hours, seven days a week, 30 days in the month, 365 days a year. This means it is with us always as a mean of payment that is safe, stable, and quick," said Abdulaziz al-Fruiah, vice governor of Saudi Arabian Monetary Agency.
    The service allows customers to receive up to 400 Saudi Riyal ($106) in cash back when they shop.
    E-payments constitute a large share of transaction in Saudi Arabia, according to Abdulmalik Al-Sheik, general manager of Department of Payment System at SAMA.
    "Last year, the value was 170 billion Saudi riyal ($45 billion) of operations via Point-Of-Sale in the kingdom via 360 million transactions. This year, we are expecting that the sales of POS in the kingdom will exceed 200 billion riyal and that the growth will continue next year," Sheikh said.
    Official said the system will cut costs for banks and shops.
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