Saudi Payments, a fully owned subsidiary of the Saudi Arabian Monetary Authority (SAMA), has teamed up with Mastercard company Vocalink with the aim of upgrading the country’s payments infrastructure and boosting the digital economy.
The partnership will enable instant payments between financial institutions, businesses and consumers, with instant credit transfers, e-invoicing and billing, real-time payment acknowledgement, remittances, bulk payments and peer-to-peer money transfers.
Ziad Bin Bander Al-Yousef, managing director, Saudi Payments, states that transforming the Kingdom into a cashless society is at the heart of the company’s strategy and in line with the Kingdom’s Vision 2030.
