Saudi Payments, a wholly owned subsidiary of Saudi Central Bank (SAMA), has added Geidea Solutions and STC Pay to the national payment system (Mada) as the first two non-bank entities.

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, Saudi Payments said in a statement.

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 as part of Saudi Vision 2030’s Financial Sector Development Program (FSDP).

(Writing by Brinda Darasha; editing by Daniel Luiz)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021