The new service enables citizens to pay through direct debit cards to the Gulf network through POS machines in GCC countries. Credit: Flyerwerk from Pixabay.

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).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Furthermore, 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.