QNA
Doha
The Saudi Central Bank (SAMA) has launched a point-of-sale service between the Saudi payments network Mada and the Qatari national network NAPS, The services started from August 1.
The step comes following the success of the pilot technical tests between the two networks, according to Saudi Press Agency.
With the launch of this service, holders of Mada and NAPS cards will be able to implement point-of-sale operations in the two countries through the Gulf Payments Network, known as GCC-Net.
The central bank added in its statement that GCCNET enables GCC bank customers to execute ATM cash withdrawals in the host country’s local currency, besides being able to make payments through GCCNETs direct debit cards via POS devices in the GCC countries. GCCNET contributes to implementing the objectives of Saudi Vision 2030s Financial Sector Development Program to transform into a cashless society. It also said that the connection between the POS networks will enhance payment gateway integration by increasing payment options available to Gulf customers in the retail sector. It will also enable financial institutions to improve and develop direct debit payment methods, in addition to raising the level of quality of services offered to citizens and residents of both countries. It also stressed that GCCNETs role supports the reduction of customer costs instead of executing POS transactions through the global payment card networks.
