SAMA launches POS service between Saudi Arabia, Qatar via GCCNET

Logo of Saudi Central Bank (SAMA)

Saudi Central Bank (SAMA) announced the launch of a new point of sale (POS) service, linking between Saudi Payments Network (Mada) and Qatar’s National ATM and POS Switch (NAPS), starting from Aug. 1.

In a statement, SAMA said the move comes after the success of 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).

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 Program to transform into a cashless society.

This linkage between 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.

SAMA stressed that GCCNET’s role supports the reduction of customer costs instead of executing POS transactions through the global payment card networks.

The new POS service is an extension of what was previously implemented when connecting the Saudi POS network with that of Bahrain, Kuwait and Oman.