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FinancialNews
22-02-21
Saudi Arabia's payment system to allow financial institutions to complete transactions easily
(MENAFN)Retailers and financial experts welcomed the arrival of the Kingdom's first instant payment system (IPS) as a major breakthrough.
The initiate of IPS was the result of a number of months of “meticulous efforts” with all partners, stated Saudi Payments’ managing director, Fahd Al-Akeel. He furtehr stated that “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.”
The system is going to permit financial institutions, companies, and people to conclude transactions instantly across a variety of banks, around the clock.
The move is going to have two main advantages for retailers and consumers. First, it would increase consumption and make the monetary supply chain more proficient. He further stated that “It will reduce the use of cash in the economy.”“The more electronic trade in the economy, the more it means a lower shadow economy and more data-based economy, the more it is a transparent economy.”
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