Saudi Arabia ​​ banks ​​ issue new ATM cards: Report

29/01/2015 ِArgaam

Saudi Arabian banks started on Wednesday issuing new ATM cards to customers free of charge carrying the new e-payment logo Mada, according to a report published in Ashrq Al-Awsat newspaper.

The report pointed out that the banks will not replace current active cards, but will continue to issue Mada encrypted cards from now forward.

According to data available on Argaam, ​the ​Saudi Arabian Monetary Agency (SAMA) changed the Saudi Payments Network (SPAN)​, which was​ established in 1990​,​ to the new Mada payment network earlier this year.


The new system​ --​ which will cut cash smuggling and costs ​--​ works by connecting ATMs and point-of-sale (POS) terminals throughout the kingdom to a central payment switch that reroutes the transaction between banks of venders and customers.

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