Riyadh – Mubasher: The Saudi Central Bank (SAMA) launched on Sunday the instant payment system “Sarie”, Saudi Press Agency (SPA) reported.
The launching ceremony was held under the patronage of SAMA’s Governor, Fahad bin Abdullah Al-Mubarak, with the presence of a number of financial and banking sectors experts and observers.
The new instant payment system will empower the national infrastructure for digital payments, tracking the growth Saudi Arabia’s payment sector has been undergoing for over thirty years.
Developed by Saudi Payments, the new system will help reduce operating costs and enhance the transparency of payments amongst companies and individuals. Moreover, it will allow the banking sector's clients to send and receive low-value local transactions around the clock and for a low fee of not more than SAR 1.
“Any financial transaction of less than SAR 20,000 will be instantly credited to the recipient account by the Sarie system. The system also offers the quick transfer service, which, upon activation by the account holder, allows the banking sector's clients to send payments of amounts less than SAR 2,500 without adding and activating the beneficiary,” Saudi Payments' managing director, Fahd Al-Akeel, noted.
The system will also contribute to realising the goals of the Financial Sector Development Programme, a Vision 2030 programme that aims towards a more cashless society.
