Thank you for reading the news about Saudi Central Bank to launch new 24/7 instant payments system and now with the details
Jeddah - Yasmine El Tohamy - RIYADH: The Saudi Central Bank (SAMA) on Thursday announced the launch date for a new electronic instant payments system designed to make the Kingdom less dependent on cash.
Following the successful completion of trials, the digital transactions scheme will be activated with participating banks on Feb. 21, according to Asharq Business.
SAMA will supervise the new system which, it said, would contribute to the country’s economic development by increasing the speed and efficiency of financial transactions in the corporate and retail sectors.
Other benefits would include improved transparency of payments between companies and individuals, and options for customers to carry out immediate financial transfers between accounts in local banks, with lower fees than current interbank transfers, the central bank added.
Talat Zaki Hafiz, an economist and board member of the Saudi Financial Association, told Arab News that the processing of local payments had previously been confined to banking business hours, which did not include weekends and holidays. Under the new system, transactions would be able to take place 24 hours a day, seven days a week, he said.
Recent figures showed that digital payment transactions in the Kingdom jumped by 75 percent last year as Saudis embraced online shopping in the wake of restrictions brought in to stop the spread of the coronavirus disease (COVID-19) outbreak.
These were the details of the news Saudi Central Bank to launch new 24/7 instant payments system for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.