Yemeni national arrested in Riyadh for exploiting 8 children for beggary    Over 200,000 iftar meals being distributed daily at Makkah Grand Mosque    Saudi security forces arrest 25,150 illegal residents in a week    2.4 million mangroves planted along Saudi Arabia's coastlines    Heathrow resumes operations and chaos eases after power outage    Israeli airstrikes kill one, injure five in southern Lebanon    Trump revokes security clearances of Harris, Clinton, and other political opponents    Death toll in Gaza nears 50,000 as Israeli airstrikes intensify    George Foreman, heavyweight champion and cultural icon, dies at 76    Abeer Al Akel appointed CEO of Royal Commission for AlUla    barq achieves new heights in financial services through a strategic collaboration with Western Union    Saudi women's national team to make historic debut in 2026 AFC Women's Asian Cup qualifiers    Tesla makes largest ever Cybertruck recall    Court rules against K-pop group NewJeans in record label dispute    Zimbabwe's Kirsty Coventry becomes first female IOC president    Salem Al Dawsari strike lifts Saudi Arabia past 10-man China in Asian qualifiers    Over 320 million phone calls made in Makkah and Madinah during first half of Ramadan    Harry's US visa records unsealed after drug claims    Cannes award-winning actress Dequenne dies at 43    Antenna: Saudi artist Ahmed Mater opens first solo exhibition in China    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SAMA launches Instant Payment System, transactions available 24/7 for low fee
Published in The Saudi Gazette on 21 - 02 - 2021

The Saudi Central Bank (SAMA) launched on Saturday the instant payment system 'sarie' under the patronage of Dr. Fahad Al-Mubarak, governor of the Central Bank.
Commenting on the achievement, the Central Bank Governor highlighted the new instant payment system's utility in empowering the national infrastructure for digital payments, tracking the growth the Kingdom's payment sector has been undergoing for over 30 years.
Al-Mubarak said: "The launching of sarie system comes as part of a series of SAMA-led initiatives to promote the national payments' ecosystem and to enhance its infrastructure, aiming to achieve financial inclusion."
National payment systems are fundamental in strengthening the Kingdom's pioneering position in the financial sector.
They offer secure and innovative payment solutions, meet the needs of various segments of the economy, and increase the effectiveness of the liquidity circulation in the financial system through reducing the operational costs of cash handling, facilitating sending and receiving payments, and driving the digital transformation in the Kingdom by increasing the volume of digital financial transactions.
In his statement, Saudi Payments' Managing Director Fahd Al-Akeel said, "The launching of the sarie system is the result of several months of meticulous efforts with all the partners. Despite the challenges posed by the COVID-19 pandemic, the speed of the instant payment system's deployment across all the local banks is the fastest of its kind worldwide."
Al-Akeel added, "sarie services will allow the banking sector's clients to send and receive low-value local transactions around the clock and for a low fee, not exceeding one riyal.
"Additionally, the system provides beneficiaries with other services and transfer options, including using the mobile number as an identifier instead of the IBAN for transactions between banks and the ability to verify the validity of the recipient's bank account before completing the transaction."
Further, Al-Akeel indicated that any financial transaction of less than SR20,000 would be instantly credited to the recipient account by the sarie system.
The system also offers the quick transfer service, which allows the banking sector's clients to send payments of amounts less than SR2,500 without adding and activating the beneficiary upon activation by the account holder.
Al-Akeel declared that the system serves as an essential milestone in developing payment systems in the Kingdom, and as one of the most significant indicators of the Kingdom's advanced digital infrastructure, and reveals its outstanding operational capacity, especially for digital payment systems.
Likewise, the system will enable banks and fintech companies, in particular, to develop innovative financial services that align with the requirements of the digital economy goal adopted by the Kingdom as part of its nationwide digital transformation strategy. — SG


Clic here to read the story from its source.