The Saudi Arabian Monetary Authority (SAMA) will allow banks operating in the kingdom to offer online payment and purchase service to holders of cards under the Saudi Payment Network from next month.
SAMA’s decision falls under efforts to implement Saudi Vision 2030 and the program to develop the financial sector.
SAMA launched an ambitious plan with the issuance of the new identity of Mada debit card system under the kingdom’s digital payment strategy designed to reduce consumer reliance on cash transactions.
This step aims to enable online purchases via Mada cards, among a basket of other initiatives and projects that seek enriching the domestic market in the kingdom with banking products and services that go in tandem with the international and regional trend in supporting the e-payment market.
