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FinancialNews


  • 22-06-21

    Saudi Payments joins Visa to launch low-cost contactless payment technology

    (MENAFN)Saudi Payments, owned by the Saudi Central Bank, joined with Visa to inaugurate a low-cost contactless payment technology for small and micro-businesses.

    “Tap to phone” solution uses near-field communication technology to permit these businesses to approve payments through their smartphone devices, without having to invest in a separate point of sale device.

    The move is in line with Saudi Arabia’s goal to revise its financial system by making innovation accessible to all segments of society.

    Fahad Al-Akeel, Saudi Payments managing director further declared that “This step enhances the Kingdom’s financial technology capabilities and is congruent with Saudi Vision 2030’s nation-wide drive for digitization.”

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