Saudi Arabia Central Bank to launch 24/7 instant payments for future Cashless system - Arab News

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Saudi Central Bank to launch new 24/7 instant payments system | Arab News

Thursday, 11 February 2021
ARAB NEWS

RIYADH: The Saudi Central Bank (SAMA) on Thursday announced the launch date for a new electronic instant payments system designed to make the Kingdom less dependent on cash. Following the successful completion of trials, the digital transactions scheme will be activated with participating banks on Feb. 21, according to Asharq Business. SAMA will supervise the new system which, it said, would contribute to the country’s economic development by increasing the speed and efficiency of financial transactions in the corporate and retail sectors.

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