The Saudi Central Bank, also known as SAMA, has announced that it has launched a point of sale (POS) service between Saudi Arabia and Qatar starting August 1. This service will help link the Saudi payments network Mada and the Qatari National Network NAPS.
Launching this service will allow cardholders with MADA and NAPS cards to carry out POS transactions in the two countries via Gulf Payment Networks (GCCNET).
This facility lets users withdraw cash or transact via the POS network in the host nation’s currency, thus avoiding additional charges like currency conversion and interbank processing charges.
This is in line with the Kingdom’s Vision 2030’s Financial Sector Development Program to transform into a cashless society and also aims to reduce the cost of cash withdrawals and POS transactions for the customers frequenting between the two nations.
This interlinking will enhance the payment gateway integration with a wider choice of payment options. It will allow financial institutions to develop and improve direct debit card services and also help improve the quality of service offered to the customers.
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