Mada inks QR Code agreements with 12 entities

Mada has signed a memorandum of Understanding (MoU) to implement and operate the payment system through the unified rapid response code (QR code) with 12 entities, including nine banks and three financial technology companies, it said during the Financial Sector Conference recently held in Riyadh.

The move aims to facilitate payment techniques for traders, customers and providers of digital payment services through a unified digital platform with shared information rather than multiplying specifications.

An infrastructure will be established to centrally link traders to individual customers through service providers, which makes the Kingdom one from the first countries in the world seeking to create such a safe environment.

Saudi Arabian Monetary Authority (SAMA), represented by Saudi Payments, is the national payment systems infrastructure operator, under which Mada operates.