The Saudi Central Bank (SAMA) has rolled out a points of sale (POS) service between Saudi Arabia and Qatar, reported Saudi Gazette.
This service will connect the national payments network Mada and the Qatari National Network (NAPS).
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It will allow both Mada and NAPS cardholders in the two countries to carry out POS operations via the Gulf Payments Network (GCC-Net), which helps bank customers in Gulf nations to withdraw cash from ATMs in the local currency of the host country.
This is said to lower costs for bank customers who had been carrying out POS operations through global payment card networks.
The new service will also offer more payment options to Gulf customers in the retail sector, the publication stated.
According to SAMA, the POS facility will improve the quality of services provided to citizens across Saudi Arabia and Qatar.
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By GlobalDataFurthermore, the service enables citizens to pay through direct debit cards to the Gulf network using POS machines in the Gulf Cooperation Council (GCC) countries.
The GCC-Net will also allow banking institutions to develop payment methods through direct debit cards, added SAMA.
In November 2021, SAMA Governor Fahd Al-Mubarak announced plans to give operating licences to more digital banks in the Kingdom.
The move followed the Saudi Cabinet’s decision to issue licences to the first digital banks – STC Bank and Saudi Digital Bank.
