By Innovation-sa on February 28, 2019 in News

The Saudi Arabian Monetary Agency (SAMA) has announced that it is developing an integrated payment environment to link traders, customers and service providers to complete payments through the same platform regardless of service provider.

Ahmed Alkholifey, the Governor of SAMA, said that SAMA is focusing on reducing the dependence on cash circulation through continuous development and modification of the Kingdom’s payment infrastructure to facilitate the country’s transition to an electronic payment environment, which in turn contributes towards a cashless economy, in line with the objectives of the Financial Sector Development Program.

The Saudi Payments Company has been working to standardize the payments of smart devices through the QR code technology, which helps to improve the level of service, and facilitate, and make available through a unified window serving all customers e-portfolios depending on their brands.

The consumers in Saudi Arabia are embracing online payments at a tremendous speed and has shown a 40% month-on-month growth, in line with the global growth rate of adoption.

Saudi Gazette – 24 February 2019