Payment Channels

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Payment Channels and Saudi Vision 2030

As part of Saudi Vision 2030, the Kingdom of Saudi Arabia seeks to bolster digital transformation and develop e-payment systems to support the national economy and achieve financial inclusion. These efforts have produced tangible results, with the Saudi Central Bank (SAMA) reporting that the share of e-payments in the retail sector for individuals reached 70% of total payment transactions in 2023, compared to 62% in 2022. In recent years, the Kingdom has experienced significant progress and accelerated growth in the adoption of e-payment methods. This advancement is a direct result of numerous strategic initiatives launched by the bank in collaboration with the financial sector, designed to support the growth of the payments sector and encourage the use of diverse e-payment options throughout the Kingdom.

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Government Payment Systems and Services in the Kingdom

Saudi Arabia is experiencing a substantial digital transformation designed to enhance the quality of government financial services, making them more flexible and accessible in alignment with Saudi Vision 2030. The government provides innovative and secure payment systems that streamline financial transactions among individuals, government sectors, and the private sector, all while upholding the highest standards of security and data confidentiality.

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Payment Systems

The Saudi government offers a range of payment systems designed to meet the needs of both individuals and businesses, including:

E-payment: This is facilitated through digital platforms, such as payment gateways or applications.

Phone Calls: Bills and government services can be paid over the phone.

ATM Machines: Payments or money transfers can be conducted through ATM machines located throughout the Kingdom.

Bank Visits: Payments or fees can be made in person by visiting bank branches.

E-payment Gateways

E-payment gateways are essential tools for facilitating financial transactions in the Kingdom. These include:

Moyasar (Mada)

Moyasar is one of the leading national initiatives overseen by the Saudi Central Bank (SAMA) and is among the most important e-payment systems in the Kingdom. It offers payment services through Point of Sale (POS) devices, e-commerce platforms, and ATMs.

Its role:

Enabling digital payments on both local and international levels.

Offering a secure and fast payment experience.

PayFort

PayFort is one of the most recognized e-payment gateways in the Middle East, operating under Amazon Web Services (AWS). It provides integrated payment solutions for merchants.

Its role:

Facilitating online payments for both merchants and consumers.

Supporting e-commerce in the Kingdom.

Providing flexible and secure payment solutions for both domestic and international transactions.

PayTabs

This is a Saudi company that specializes in e-payment solutions, providing services to merchants and small to medium-sized businesses to facilitate online payment transactions.

Its role:

Providing comprehensive solutions for accepting digital payments.

Supporting local and international businesses in accepting payments in various currencies.

Offering reports and analytics to optimize the management of financial operations.

HyperPay

This innovative e-payment gateway in the Kingdom offers services to both large and small businesses, enabling them to process payments easily and securely.

Its role:

Providing modern e-payment technologies tailored for startups.

Enhancing the security and speed of digital transactions.

Supporting the e-commerce sector in integration with global financial systems.

Raed

This is an e-payment gateway managed by the Saudi Payments Company, which focuses on providing advanced e-payment solutions for both the public and private sectors.

Its role:

Facilitating government payments.

Enhancing security and transparency.

Integration with national systems.

E-Payment Applications

Smart applications enhance the payment experience by providing flexible and easy solutions. Some of the leading applications in the Kingdom include:

STC Pay

A comprehensive digital wallet that enables users to manage personal payments, facilitating transfers, receipts, and shopping all within a single application.

Bayan Pay Wallet

An innovative tool that enables individuals and businesses to effortlessly make e-payments.

Mada Pay

An application that enables users to securely store bank cards on their smartphones for quick and fast payments.

Apple Pay

A feature available on Apple devices that enables users to make payments directly without the need for bank cards.

The Impact of E-payment Systems on the Saudi Economy

E-payment systems have contributed to strengthening the Saudi economy through:

Increased Efficiency and Transparency: Digital payments reduce cash transactions, thereby minimizing the risk of corruption and enhancing transparency in financial dealings.

Supporting E-commerce Growth: The rise of digital payments has led to significant growth in e-commerce, creating new opportunities for entrepreneurs and small to medium-sized businesses.

Promoting Financial Inclusion: Modern financial technologies have made banking services accessible to previously underserved populations, facilitating the integration of more individuals into the formal financial system.

Government payment systems in Saudi Arabia exemplify a leading model of digital transformation. These systems enhance the quality of life, promote financial inclusion, and improve the efficiency of financial operations, making them a vital component in achieving the objectives of Saudi Vision 2030 and fostering a sustainable digital economy.

Non-Electronic Payment Channels

In addition to digital methods, traditional payment channels are also available, including:

Banks: Visiting branches to settle fees in person.

ATMs: Making payments or transfers using ATMs.

Saudi Post | SPL: Payments can be made through postal branches, with the option to deliver the payments directly to the recipient.

Government Initiatives

The Kingdom has launched several innovative initiatives to support digital transformation in the payment sector, including:

SADAD

This is a comprehensive system that allows individuals and businesses to pay bills and government fees electronically, including charges for electricity, water, and telecommunications.

SARIE

This is a Saudi system designed for rapid financial transfers, allowing for instant money transfers between banks and reducing reliance on cash.

Mada

This system supports point-of-sale devices and online payment services, facilitating quick and convenient purchasing transactions.

Financial Sector Development Program

The Financial Sector Development Program is one of the eleven executive programs initiated by the Council of Economic and Development Affairs to achieve the goals of Saudi Vision 2030. This program aims to develop a diverse and effective financial sector that supports the growth of the national economy, stimulates savings, financing, and investment, and enhances the efficiency of the financial sector to face and address challenges. Some of its objectives include: