Saudi Central Bank (SAMA) announced Thursday the launch of a point of sale (POS) service between the Saudi payments network (Mada) and Qatar's National ATM and POS Switch (NAPS).
Saudi Press Agency (SPA) quoted SAMA as saying that the step comes following successful technical trials between the two networks. Upon the service's launch, Mada and NAPS cardholders will be able to carry out POS transactions in the two countries through the Gulf Payments Network (GCCNET).
The central bank added in its statement that GCCNET enables GCC bank customers to execute ATM cash withdrawals in the host country's local currency, besides being able to make payments through GCCNET's direct debit cards via POS devices in the GCC countries.
GCCNET contributes to implementing the objectives of Saudi Vision 2030's Financial Sector Development Programme to transform into a cashless society. It also said that 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 countries. It also stressed that GCCNET's role supports the reduction of customer costs instead of executing POS transactions through the global payment card networks.