HPS to launch QR national payment system in Saudi

High-tech Payment Systems (HPS), a multinational company and a leading provider of payment solutions and services, said it has been appointed by Saudi Payments, a fully owned subsidiary of Saudi Arabia Monetary Authority (SAMA), to provide a unified QR code platform to enable banks, wallet providers and Fintechs to interact seamlessly within an interoperable platform.

The move comes as part of the government's plan to enhance the electronic payment throughout Saudi Arabia and reduce the dependence on cash.

The introduction of QR codes will be an important step towards providing a universally consistent experience for both merchants and consumers, while also ensuring inter-operability and acceptance of secure payments, said a statement from HPS.

The goal is to develop an integrated payment environment, and that allows all parties to benefit in an open-loop payment environment based on the latest messaging standards - ISO 20022. It means merchants, individual customers, and service providers will be linked together to complete payment using the same code regardless of the service provider or scheme, it added.

According to HPS, this step is aimed at supporting the continuous development of the electronic payment environment in the kingdom.

"The QR Code enables a merchant to present a request for payment to a consumer, who can then verify and make a payment, or reject the request," explained a company spokesman.

"Multiple payment types are supported, information can both be fixed in a static QR code and used for multiple transactions, or a dynamic QR Code can be used for individual transactions," he stated.

The development of a national QR code payment system is in line with the Financial Sector Development Program (FSDP) initiatives on digital transformation, entrepreneurship support, and financial technology development, aimed at meeting the aspirations of Vision 2030 and a cashless society, he added.-TradeArabia News Service