SAMA Governor Sama Ahmed Al-Khulaifi stressed that the SAMA is striving to reduce dependence on paper money and a strong trend towards the transition to electronic payments.
Al-Khulaifi said that the corporation is working to develop the infrastructure for national payment systems, with the aim of supporting and facilitating the transition to an electronic payment environment, and thus encouraging the orientation towards a non-monetary society.He explained that this process is one of the goals of the Financial Sector Development Program of the Kingdom of Saudi Arabia 2030 vision.
Al-Khulaifi pointed out that effective payment systems are characterized by a mechanism that is consistent with the principle of compatibility and standardization among all relevant parties.
He continued: In order to achieve the goal of compromise, the Foundation has worked through Saudi payments over the past period to unify the approved standards for smart device payments through the QR code technology.
He explained that the service entitles all parties to benefit from it according to the concept of an open-use payment environment so that all merchants, individual customers and service providers are linked to complete payments through the same code regardless of the service provider.
The Kingdom is actively seeking digital transformation in the field of banking services, the promotion of non-cash payments, and the application of artificial intelligence in the e-commerce sector.
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