Full popularization of online payment in Saudi Arabia

The Saudi Arabia Monetary Authority (SAMA) has authorized alinmapay to provide e-wallet services (electronic transfer and payment services).

According to foreign media reports, Sama also granted sure pay company a license to provide payment solutions (payment gate services through fixed and mobile point of sale (POS) devices).

So far, the total number of licensed financial technology payment companies has reached 8. In addition, the two companies have just received initial approval.

Online payment in Saudi Arabia has blossomed, and eight companies have been licensed

This is SAMA's continuing efforts to strengthen the payment and fintech sectors and upgrade the services provided, consistent with the goals of the 2030 Saudi national vision, which aims to achieve a cashless society in Saudi Arabia.

According to the statement, more than 4 million customers have used the E-wallet app since the regulatory rules were promulgated earlier this year, and licensed payment service companies have recorded capital investments of more than 500 million Riyals.

In the second quarter of 2020 (Q2), the total number of POS transactions increased by 38.5% annually to 502 million, valued at 76.6 billion rials.

In August this year, electronic payment systems for all retailers came into effect in Saudi Arabia, and all offline service providers are required to provide electronic payment.