Saudi Arabia’s new instant payment system seen as catalyst for e-commerce, fintech sectors
JEDDAH: The arrival of the Kingdom’s first instant payment system (IPS) has been hailed as a major breakthrough by retailers and financial experts.
Saudi Payments’ managing director, Fahd Al-Akeel, said on Sunday that the launch of IPS was the result of several months of “meticulous efforts” with all partners. “Despite the challenges posed by the COVID-19 pandemic, the speed of the instant payment system’s deployment across all the local banks is the fastest of its kind worldwide,” he added.
The system will allow financial institutions, companies, and people to complete transactions instantly across various banks, around the…