Financial technology (FinTech) companies can now join the National Payment System ‘mada’, Saudi Payments announced, adding that it has completed the technical authorizations for STC Pay and Geidea to join ‘mada’ network as the first two non-banking entities. Accordingly, STC Pay can issue ‘mada’ cards (digital and plastic), which customers can use to make digital payments through points of sale (POS) and websites, or to withdraw cash via ATMs around the Kingdom. In parallel, Geidea will provide direct hosting services for POS devices, and offer vendors full-fledged POS devices.
Saudi Payments, a wholly-owned subsidiary of the Saudi Central Bank (SAMA), stated that enabling FinTech providers to join ‘mada’ comes within SAMA’s efforts to meet the objectives of Saudi Vision 2030’s Financial Sector Development Program (FSDP), particularly in terms of enabling financial institutions to support private sector growth, and serves its goal of building an advanced infrastructure for financial services and payments and connect service providers with it.
Saudi Payments confirmed that it will continue to work to enable FinTech companies to provide more innovative payment solutions, utilizing the payment systems’ digital and operational infrastructure it has developed under the supervision of SAMA. In addition to spurring growth and innovation, opening the financial services sector to emerging players would enhance competitiveness between banks and non-banking financial institutions, ultimately providing the best e-payment solutions, in addition to increasing the number of payment service providers, enhancing the inclusiveness of their services, and expanding their reach to cover the largest number of sectors.
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About Saudi Payments:
Saudi Payments is a wholly-owned subsidiary of the Saudi Central Bank established in 2019 as per the Council of Ministers’ approval of a request by the Saudi Central Bank. The Company aims to develop and operate the national payments ecosystem and eventually become the national foundation of digital payments.
Seeking to promote electronic payments while reducing cash transactions, Saudi Payments provides fast, interoperable , secure and cost-efficient electronic payment solutions through a number of services: mada, SADAD, and Esal.
Saudi Payments pursues a strategy following international best practices, through which it connects domestic and international payment service providers, from banks and licensed institutions to payment networks and systems, with the aim of transitioning into a society less dependent on cash and increasing financial inclusion through underpinning the provision of safe and reliable basic services, in line with the objectives of Saudi Vision 2030’s Financial Sector Development Program.
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