The Saudi Arabian Monetary Authority (SAMA) announced yesterday its decision includes allowing banks operating in the Kingdom to enable online payment for online shopping for all Mada cards holders starting of this coming April after finalizing technical examination and tests.

SAMA’s decision came further to its efforts in realizing Kingdom’s Vision 2030 and the Financial Sector Development Program. SAMA began an ambitious plan by introducing the new identity for the Saudi Payment Network Mada to support and boost digital payment in the Kingdom through the unified digital payment strategy adapted by SAMA to reach cashless society. The step toward online payment is one of the initiatives and project aim at enriching local market in the Kingdom with banking products and services fit international and regional trends in boosting digital payments. Mada account on Twitter announced early this year 2018 the working on providing the service to public during the first quarter.

SAMA clarified that this decision will support initiatives related to online trading. Mada holders will be able to shop any make payment online, in addition, online store will be able to accept mada as a means of payment. Noting that the number of Mada cards in the local market reach 29 million cards making the highest number of cards in the region, which should reflect positively on local economy and digital commerce indexes.

Our goal in the Saudi national payment mada is on maintaining Kingdom well knows reputation of advanced payment systems with the direct support from partner banks, said Ziad Al-Yusef, Direct manager of the Saudi payment network at SAMA. Al-Yusef emphasizes that the appropriateness of highest level of international security standards related to online payment were carefully considered. Transactions will be verified with a short message through your mobile number, in addition to allowing the cancelling of this feature through the bank electronic channels.