Technology Driving Saudi Arabia Cards and Payment Industry: Ken Research
Technology Driving Saudi Arabia Cards and Payment Industry: Ken Research Finance & Investment The Cards and Payments Industry in Saudi Arabia involves check payments, payment cards, cash transactions, direct debits and credit transfers. Saudi Arabia is a cash-dominated society where cash is the preferred mode of consumer payments. Majority of the high-value transactions are shifting to electronic platforms and low-value transactions are carried out with cash. Although, the payment cards were introduced in Saudi Arabia majority of the population tend to [' use these cards for cash withdrawals at ATMs rather than making payments at merchant outlets. The Saudi Arabian Monetary Agency (SAMA) launched its modified electronic payment system Mada. To increase the penetration of debit cards, Mada cards were issued by local banks that can be used across all ATMs and POS terminals operated by local banks in the Saudi Arabia. Since, the debit card s are co-badged and can be used interna...