The Saudi Central Bank (SAMA) announced the launch of a new points of sale (POS) service linking the Saudi Payments Network (Mada) to Qatar's National ATM and POS Switch (NAPS) as of 1st of August 2022. The launch came after the success of the preliminary technical tests and trials between the two networks, and moving forward, holders of Mada and NAPS cards will be able to carry out POS transaction in the two countries through the Gulf Payments Network (GCCNET).
It's worth noting that GCCNET enables GCC bank customers to execute ATM cash withdrawals in the host country's local currency, and allows them to carry out payments through GCCNET's direct debit cards via POS devices in the GCC countries, which contributes greatly to Saudi Vision 2030's Financial Sector Development Program (FSDP) goals of facilitating the transition towards a cashless society.
SAMA was keen to point that this newly introduced nexus of POS networks will enhance integration within the payment field by increasing the number of payment options available to GCC retail sector customers, and enable financial institutions to improve and develop direct debit payment methods, ultimately raising the quality of the services offered to citizens and residents of both countries.
SAMA recaps that GCCNET's main function was to support the reduction of costs borne by customers by providing them with an alternative to conventionally utilized international POS networks. Besides, SAMA underlined the fact that the establishment of the network was a huge step forward towards ensuring the integration and interconnection of GGC-based payment systems, which is something that is much sought after under Saudi Vision 2030. It's important to mention that this recent MADA-to-NAPS POS service launch came as an extension of what was previously set in motion when the Saudi POS network was recently linked to that of Bahrain, Kuwait and Oman.
