Saudi Payments enables financial technology companies to join ‘Mada’ April 26, 2021
RIYADH Saudi Payments, a wholly owned subsidiary of the Saudi Central Bank (SAMA), announced that it has enabled financial technology companies to join the National Payment Network (Mada) and the licensing of two companies, namely: STC Pay and Geidea to join the network, as the first two non-bank entities.
STC Pay will be able to issue Mada cards (both digital and plastic) that customers can use for making electronic payments through points of sale and websites, or to withdraw cash through ATMs inside the Kingdom of Saudi Arabia. As for Geidea, it will provide hosting services for point of sale (POS) devices to merchants, in addition to providing them with POS devices with full services.