Saudi POS urged to use e-payments before August 2020
Saturday, 07 13 2019, Category: Technology, Country: Saudi Arabia
Saudi Arabia’s points of sale (POS) will officially start using e-payment options in all business segments as of August 25, 2020, according to the Commercial Anti-Concealment National Program’s official account on Twitter.
The Anti-Concealment National Program mapped out a six-phase plan for all POSs to gradually deploy the e-payment options as of next Sunday.
Petrol stations in Saudi Arabia will start using e-payment options as of July 17, 2019, Argaam previously reported.
In February, Saudi Arabia plans to achieve an e-payment target of 70 percent by 2030, as the country moves toward becoming a cashless society, according to previous news reports.
Last month, Saudi Arabian Monetary Authority (SAMA) granted 14 financial technology (fintech) firms permits to join the Sandbox experimental environment for offering fintech services.
The step aims at promoting economic growth and boosting investment activities by moving into a cashless society and by promoting the principal of financial inclusion.