It is a fact that technology has changed the ways of doing business. Thanks to technology, we may no longer need to carry cash in our pockets in the near future. Businesses in every country are gradually embracing online payment systems and Saudi Arabia is one of those countries. The Kingdom has established centralized systems of online payment that enable individuals and companies to send and receive money via electronic channels.
According to a press article, holders of Mada cards will be able to make online payments and purchases under the Saudi Payment Network as from April 2018. This is made possible by the Saudi Arabian Monetary Authority (SAMA).
The Mada Debit Card is the best choice
The Mada debit card system is one of the best digital payment strategies that allow users to make online payments safely and to reduce their cash transactions. The Mada debit card is the first vertical payment card in the Kingdom of Saudi Arabia. It is available in three types, such as Platinum, Gold, and Silver.
Mada is one of the fastest growing payment systems in the world. It connects all financial transactions from ATM machines and point-of-sale (POS) terminals to the companies’ banks. According to a study, there are currently 29 million Mada cards in circulation in the Kingdom of Saudi Arabia, making Mada the most widely used payment system in the region. Mada cardholders are able to enjoy a wide range of services that ensure speed, convenience, and security when making purchases.
Mada Debit Card is safe and convenient
The Mada debit card system is committed to providing the best services to customers while ensuring their protection and safety. For this reason, the Mada debit card is embedded with a smart chip which allows clients to use the cards more securely. It is important to note that cards with Smart Chip technology are harder to copy since they are protected against counterfeiting. The chip enables the card to store and access data and applications safely. It also makes the cards ideal for handling sensitive data such as identity and personal health information. One of the amazing benefits of the Mada debit card is that users receive text messages when payments are completed or in process. They stay informed of their cash withdrawals and purchase transactions. Cardholders will also have the option to cancel transactions through electronic channels or at banks according to their convenience. Users can pay bills related to government services and other billers at ATMs, PoS terminals, online and in phone banking.
SAMA encourages development and progress of payment systems
The Director-General of Payments Systems Administration at SAMA, Ziyad Al-Yusuf argues that the main purpose behind the Mada National Payment System is to provide high quality advanced electronic payment services and to maintain the progress of their payment systems with the help of banks and partners. According to him, using MasterCard’s technology to facilitate online payments via the network will enable businesses to increase their e-commerce sales.
In a speech at the Euromoney Saudi Arabia Conference 2007, His Excellency Hamad Al-Sayari (Governor of the Saudi Arabian Monetary Agency) stated that a well-developed and efficiently functioning system is an essential requirement for sustained economic growth.
Indeed, SAMA is working with banks to further develop and integrate new services and features such as the provision of pre-paid cards loaded with amounts as per the clients’ request. SAMA is also committed to creating a financial transfer system that aims to separate high-value transfers from lower value transfers for greater efficiency. It is not surprising when SAMA is known as the apex of Saudi financial system. It plays a crucial role in the consolidation and development of the Saudi economy.
What is the Mada Atheer?
SAMA also launched the Mada Atheer service after its successful trial in January 2016, allowing cardholders to make payments by waving the card in front of the PoS terminals. The service is mainly for low-value transactions and does not require a PIN. Cardholders may occasionally be asked to enter their PIN for added security. The Mada Atheer provides stores with marketing, competitive advantage by expanding payment options. This demonstrates Saudi Arabia’s strong commitment to providing the latest e-payment facilities. SAMA points out that the Mada Atheer service is optional and provided upon request without any additional fees incurred by the merchant or cardholder.
After the activation of the Mada debit card service, SAMA is encouraging shopping sites to offer the payment method in the next three months.
Article published in EMV and Smart Payment Cards :
Image : Shutterstock