SAMA launches new e-commerce payments interface

Logo of The Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) announced the launch of the new e-commerce payments interface, a strategic direction aimed at enhancing the efficiency of the national payment infrastructure, and keeping pace with the rapid growth of the e-commerce sector, according to a statement.
 

The new interface allows e-commerce service providers to rely on national infrastructure and to achieve integration between “mada" payment system and global payment networks, expanding the range of payment options available to users through unified and simplified technical specifications. The new interface will also introduce a centralized registration service to enable banks and financial institutions to offer innovative financing solutions to e-commerce businesses. This is complemented by advanced technologies such as payment card tokenization, which significantly enhances the security of electronic payment transactions.
 

This launch is part of SAMA's strategy to enhance the e-payment ecosystem to support e-commerce payment future initiatives and development, and provide smooth and secure payment solutions. It also supports the ongoing growth of online businesses, with the increasing number of online stores and service providers, such as payment gateways and payment technical service providers, according to the statement.
 

Moreover, this launch contributes to the growth of digital payments indicators, and the objectives of the financial technology strategy, strengthening Saudi Arabia's position among the leading countries in the payments industry.