A gulf country has launched a new payment system. Saudi Arabia has launched the new payment system.
The Saudi Central Bank (SAMA) announced the launch date for a new electronic instant payments system. The new payment system is designed to make the country less dependent on cash. The new digital transactions scheme will be activated with participating banks on Feb. 21.
The new system will include improved transparency of payments between companies and individuals, and options for customers to carry out immediate financial transfers between accounts in local banks, with lower fees than current interbank transfers.