SAMA clarified that the service will link the national payments network Mada and the Qatari National Network
RIYADH — The Saudi Central Bank (SAMA) announced on Thursday the launch of a Points of Sale (POS) service between Saudi Arabia and Qatar.
SAMA clarified that the service will link the national payments network Mada and the Qatari National Network (NAPS).
The move will enable Mada and NAPS cardholders to carry out point-of-sale operations in Saudi Arabia and Qatar through the Gulf Payments Network (GCC-Net), SAMA stated.
The GCC-Net enables bank customers in Gulf countries to carry out cash withdrawals from ATMs in the local currency of the host country.
SAMA indicated that this process will contribute to reducing the cost to bank customers who had hitherto been executing POS operations through available global payment card networks.
Additionally, the service will contribute to increasing the payment options available to Gulf customers in the retail sector.
It also provides the option to pay through direct debit cards to the Gulf network through POS machines in the GCC countries.
SAMA said the GCC-Net will enable banking institutions to improve and develop payment methods through direct debit cards.
The service will also enhance the quality of services provided to citizens and residents between Saudi Arabia and Qatar.
Disclaimer: The content of the above information is sourced (or provided), in entirety or in parts from an external source and the content may or may not be edited. The Wealth Today shall not be held liable for damages arising out of any action taken with respect to the use or consumption of information or service published above or anywhere else on the website. This website does not guarantee the accuracy, views, opinions, or any promises expressed in the above news.
If you find any errors or discrepancies in the above information, you can write to us at email@example.com.