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Saudi Payments partners IBM and Mastercard to launch instants payments system sarie Monday 26 April 2021 12:53 CET | News
Saudi Payments, under the supervision of the Saudi Central Bank (SAMA) has launched Saudi Arabia s instant payments system ‘sarie’ in cooperation with IBM and Mastercard.
The introduction of ‘sarie’ is in line with Saudi Arabia s Financial Sector Development Program (FSDP) under Saudi Vision 2030, which targets achieving 70% non-cash transactions by 2030.
‘sarie’ allows bank customers to send and receive money in real-time using a range of services and transfer options. Customers of local banks can make instant transactions of up to USD 5,300 through the system. Further, ‘sarie’ users can benefit from the transfer service to send up to USD 660 using aliases, such as mobile number, email address, ID number, or IBAN number.
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.
Saudi Payments launches Instant Payments System ‘sarie’ April 24, 2021
Close up of a man using mobile smart phone
ARMONK/ RIYADH Saudi Payments, under the supervision of the Saudi Central Bank (SAMA) announced the launch of Saudi Arabia’s instant payments system ‘sarie’ in cooperation with IBM and Mastercard, the leading technology company in the global payments industry.
This collaboration marks a key milestone for payments innovation in the region and is aligned with Saudi Payments’ aim to improve the Kingdom’s financial ecosystem, mainly through the adoption of faster payments and improvements to banking reconciliation. Today, ‘sarie’ supports all Saudi banks across the Kingdom and is available for use by their customers.