RIYADH: Saudi Payments, owned by the Saudi Central Bank (SAMA), sais Geidea Solutions and STC Pay have joined the national payment system, “Mada” as the first two non-bank entities, SPA reported.
STC Pay will be able to issue Mada cards (digital and plastic), which will allow customers to make electronic payments through points of sale and websites, or to withdraw cash through ATMs inside the Kingdom.
Geidea Solutions will be able to provide hosting services for point of sale (POS) devices to merchants directly, and provide them with POS devices with full services.
Saudi Payments said it would continue to work to enable financial technology companies to provide innovative payment solutions.
This has a direct impact on enhancing competitiveness among banks and non-banking financial institutions to provide the best offers of electronic payment solutions, it said.
Saudi Payments enables non-bank entities to join national payment system
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Updated 27 April 2021
Saudi Payments enables non-bank entities to join national payment system
- Saudi Payments said it would continue to work to enable financial technology companies to provide innovative payment solutions
