SAMA expects new payment interface to support entry of e-stores

The Saudi Central Bank (SAMA) headquarter

The Saudi Central Bank (SAMA) expects the newly launched payment interface to facilitate the entry of new e-commerce stores, particularly local businesses that have previously faced technical and regulatory challenges.

The initiative is part of efforts to unify integration standards with the Mada system, with the goal of enhancing the competitiveness of the Saudi market and expanding the base of payment service providers.

According to Al Eqtisadiah newspaper, SAMA stated that the interface targets five key beneficiary groups: payment gateways, technical payment service providers, hosting banks and financial institutions, relevant government and private entities within the e-commerce ecosystem, and individual consumers—who will benefit from a more seamless and secure payment experience.

The central bank explained that the interface will allow banks and financial institutions, in their role as hosting entities, to establish direct financing relationships with e-commerce merchants.

This will enable financing based on actual sales generated through e-payments, allowing financial institutions to provide funding solutions backed by merchants' transaction data.

According to data available with Argaam, SAMA launched the new e-payment interface earlier this month as part of a strategic initiative to improve payment system efficiency and accelerate the Kingdom’s digital transformation in line with the rapid growth of the e-commerce sector.