Saudi Central Bank adds Geidea & STC Pay to national payment system
By Leandra Monteiro
Saudi Payments, a wholly owned subsidiary of Saudi Central Bank (SAMA), has added Geidea Solutions and STC Pay to the national payment system (Mada) as the first two non-bank entities.
STC Pay has also been enabled to issue Mada cards both digital and plastic, which will allow customers to make electronic payments through points of sale and websites, or to withdraw cash through ATMs inside the Kingdom, Saudi Payments said in a statement.
Geidea Solutions will be able to provide hosting services for point of sale (POS) devices to merchants directly and provide them with POS devices with full services. Saudi Payments said it would continue to work to enable financial technology companies to provide advanced payment solutions as part of Saudi Vision 2030 Financial Sector Development Program (FSDP).
stc pay is a digital secure wallet that is designed to offer you optimal levels of speed and convenience. This service allows you to make online payments, transfer funds safely and on the go, in addition to online purchases and at participating retailers. All of these payment options are easily done through your phone and other smart devices.
To strengthen the financial sector in the Kingdom, payments brands in Saudi Arabia (mada, SADAD, SARIE and Esal) bonded under the umbrella of Saudi Payments, which acts as the operator of the national payment infrastructure in the Kingdom. Which aims to achieve the developing of financial sector program goals one of vision 2030 programs. Providing payments methods suits the aspirations of our customers to support the direction of the Kingdom towards a cashless society.
IBSi Daily News Analysis
August 16, 2022
Self-employed struggle to access financial services. What can FinTech do?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage