Saudi Central Bank (SAMA) announced Thursday the launch of a point of sale (POS) service between the Saudi payments network (Mada) and Qatars National ATM and POS Switch (NAPS), Saudi Press Agency reported.
The move follows successful technical trials between the two networks. Mada and NAPS cardholders will now be able to carry out POS transactions in the two countries through the Gulf Payments Network (GCCNET).
The GCCNET enables GCC bank customers to execute ATM cash withdrawals in the host country’s local currency, besides being able to make payments through GCCNETs direct debit cards via POS devices in the GCC countries, the central bank said in its statement.
The connection between the POS networks will enhance payment gateway integration by increasing payment options available to Gulf customers in the retail sector. It will also enable financial institutions to improve and develop direct debit payment methods, in addition to raising the level of quality of services offered to citizens and residents of both the countries. Besides, the GCCNET’ss role supports the reduction of customer costs instead of executing POS transactions through the global payment card networks.
The GCCNET contributes to implementing the objectives of Saudi Vision 2030s Financial Sector Development Program to transform into a cashless society, the central bank statement added.