RIYADH: The Saudi Central Bank, known as SAMA, is planning to launch the second phase of the instant payment system Sarie later this year, Al-Eqtisadiah reported on Monday.
The second phase will include four main services: Payment request service, account verification service, bundled payment service and one that enables the participation of financial technology companies in Sarie.
The step seeks to stimulate the financial sector of the Kingdom.
Through the instant payment system Sarie, SAMA was able to raise the share of electronic payments to individuals in the retail sector.
The share of non-cash transactions increased to 57 percent for the year 2021 of the total payment transactions in the Kingdom, exceeding the target percentage, which was set at 55 percent.
