The Saudi Central Bank (SAMA) launched a point of sale (POS) service between Saudi Arabia and Qatar.
Starting August 01, the service will link the national payments network “Mada” and the Qatar National Network “NAPS.”
SAMA explained that the step comes after the success of the experimental technical tests between the two networks.
Once the service is launched, Mada and NAPS card holders can carry point-of-sale operations in the two countries 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 and provides the option of payment through direct debit cards through the point of sale machines in the Gulf countries.
The Gulf Payments Network supports implementing the objectives of the Financial Sector Development Program, one of the Vision 2030 programs, to transform into a cashless society.
The Central Bank stated that the service would increase the payment options available to Gulf customers in the retail sector and enable banking institutions to improve and develop payment methods through direct debit cards.
The service will also improve the quality of services provided to citizens and residents between Saudi Arabia and Qatar.
SAMA indicated that this process would reduce the cost to bank customers who had hitherto been executing POS operations through available global payment card networks.
It is an essential step in achieving integration and interdependence of payment systems among GCC countries, in line with Vision 2030.
The Central Bank indicated that the link between the Saudi and Qatari national payment networks was preceded by the service linking the Saudi point of sale service with Bahrain, Kuwait, and Oman.