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Instant Payment System Launched in Saudi Arabia


Sunday, 21 February, 2021 - 10:45
Saudi banks launch instant payment system | Photo: AP
Riyadh- Asharq Al-Awsat
Saudi banks, after having a successful trial phase that included 70,000 transactions, have gone live on Sunday with a 24/7 electronic payment system that allows financial institutions, companies, and individuals to transfer money instantly.
Many banks and financial institutions in the kingdom have prepared their e-platforms and smartphone applications for adding the service and allowing banking clients to send and receive low-value domestic transactions around the clock for a low fee.
Additionally, the system also offers transfers using the mobile number as an identifier instead of the IBAN for transactions between banks and verifying the recipient’s bank account’s validity before completing the transaction. ....

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Economic recovery in the Middle East in 2021 will be modest, says World Bank


RIYADH: The World Bank has forecast that economic activity in the Middle East and North Africa will recover modestly to 2.1 percent this year, but it predicted that any recovery is dependent on the containment of the pandemic, no further escalation in geopolitical tensions and stabilization of oil prices.
By next year, the bank estimates that output will still be 8 percent below what was projected before the pandemic. In Saudi Arabia, activity is expected to get a boost from the restarting of paused public capital investment projects.
The signs for the Kingdom do look positive, as this week it was reported that in December a surge in new orders saw business conditions in the non-oil sector rise to the highest levels in more than a year. ....

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