Saudi SAMA licences AlinmaPay, Sure Pay to provide online payment solutions

The number of customers subscribing in electronic wallet applications crossed 4mln

  
Young woman shopping online with smartphone and credit card on hand. Image used for illustrative purpose.

Young woman shopping online with smartphone and credit card on hand. Image used for illustrative purpose.

Getty Images/ Guido Mieth

Riyadh – The Saudi Arabian Monetary Authority (SAMA) has licenced the Saudi Financial Technology Company (AlinmaPay) to provide the electronic wallet service (electronic transfer and payment service).

The authority further granted Sure Pay Company a licence to offer payment solutions (payment gate service through fixed and movable point of sales (POS) devices), according to a press release on Sunday.

This brings the total number of licenced financial technology (FinTech) payment firms to eight so far. Moreover, another two companies received initial approval.

The move comes in continuation of SAMA’s efforts to enhance the payment and FinTech sectors and upgrade the services provided in tandem with the objectives of the National Vision 2030 that aim towards a cashless society.

According to the statement, the number of customers subscribing in electronic wallet applications crossed 4 million persons and the capital investment recorded by licenced payment services firms exceeded SAR 500 million since the issuance of regulatory rules early this year.

In the second quarter (Q2) of 2020, the total number of POS transactions hiked by 38.5% yearly to stand at 502 million, at a value of SAR 76.6 billion.

Source: Mubasher

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