Saudi Arabia said to introduce POS services at fuel stations

25/02/2019 Argaam

 

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, is planning to introduce points of sale (POSs) services at fuel stations, Al Riyadh newspaper has reported, citing SAMA Governor, Ahmed Abdulkarim Alkholifey.

 

SAMA, in collaboration with the Ministry of Commerce and Investment and the Ministry of Municipal and Rural Affairs (MOMRA), is trying to eliminate dependence on cash payments via the upgrade of the national payment system, Alkholifey said on the sidelines of MEFTECH 2019, a banking and Fintech conference.

 

“A total of 350,000 retailers are offering the POSs service in the Saudi market,” he added.

 

The step comes in line with the Kingdom’s Financial Sector Development Program and the digital transformation initiative.

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