The Central Bank of Saudi Arabia (SAMA) announced on Thursday the launch of point-of-sale (POS) services between Saudi Arabia and Qatar.
SAMA clarified that the service will link the national payments network Mada and the Qatari National Network (NAPS).
The move will enable Mada and NAPS cardholders to carry out point-of-sale operations in Saudi Arabia and Qatar through the Gulf Payments Network (GCC-Net), SAMA stated.
The GCC-Net enables bank customers in Gulf countries to carry out cash withdrawals from ATMs in the local currency of the host country.
SAMA indicated that this process will contribute to reducing the cost to bank customers who had hitherto been executing POS operations through available global payment card networks.
Additionally, the service will contribute to increasing the payment options available to Gulf customers in the retail sector.
It also provides the option to pay through direct debit cards to the Gulf network through POS machines in the GCC countries.
SAMA said the GCC-Net will enable banking institutions to improve and develop payment methods through direct debit cards.
The service will also improve the quality of service for citizens and residents between Saudi Arabia and Qatar.
