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Mastercard pushes instant payments in Saudi Arabia

This milestone is expected to improve the Kingdom’s financial ecosystem

Saudi Arabia

Mastercard pushes instant payments in Saudi Arabia. Source: shutterstock.com

Saudi Payments, under the supervision of the Saudi Central Bank (SAMA) has announced the launch of Saudi Arabia’s instant payments system ‘sarie’ in cooperation with IBM and Mastercard.

Today, ‘sarie’ supports all Saudi banks across the Kingdom and is available for use by their customers, according to the press release.

‘sarie’ allows bank customers to send and receive money in real-time using a wider range of services and transfer options. For instance, customers of local banks can make instant transactions of up to SAR 20,000 ($5,300) through the system.

Furthermore, “sarie” users can make a quick transfer service to send up to SAR 2,500 ($660) using mobile number, email address, ID number, or IBAN number.

Saudi Payments selected IBM Global Business Services (GBS) to lead the project as the System Integrator (SI) partner and an end-to-end digital payments solutions provider. IBM GBS designed and architected the solution through its complex system integration methodology, built a technical platform and integrated Mastercard’s instant payments platform into Saudi Payments’ existing infrastructure.

The instant payments system ‘sarie’ can enable us to drive usage and engagement across the Saudi payments ecosystem of banks and businesses. It can help lay the foundation for new payments business initiatives, encouraging financial inclusion and banking reconciliation of Saudi banks. We welcome this momentous collaboration with IBM and Mastercard. It is a huge step forward that aligns with our ongoing smart solutions and payments modernization strategy, aimed towards achieving the assigned goals in vision 2030
Fahad Al-Akeel, Saudi Payments Managing Director 

We’ve reported that Mastercard introduced QR on Card solution in India.

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