SAMA to launch more online payment programs soon

20/12/2017 Argaam

 

Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, will soon launch more online payment programs to reduce reliance on cash, said governor Ahmed Alkholifey.

 

SAMA is currently working the Ministry of Finance and the Capital Market Authority (CMA) to increase digitization of payments, he added.

 

Point-of-sale (POS) transactions in Saudi Arabia rose 15 percent to SAR 16.45 billion in October —the highest figure in more than two years — from SAR 14.30 billion a year earlier, data compiled by Argaam showed.

 

Cash withdrawals increased 1 percent year-on-year (YoY) to nearly SAR 61.1 billion across 18,000 ATMs in the same month. 

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