Saudi Payments launches instant payments system
RIYADH, 6 hours, 25 minutes
ago
Saudi Payments has launched an instant payments system ‘sarie’ in cooperation with IBM and Mastercard, supporting all Saudi banks across the Kingdom and available for use by their customers.
The introduction of ‘sarie’ is in line with Saudi Arabia’s Financial Sector Development Program (FSDP) under Saudi Vision 2030, which targets achieving 70% non-cash transactions by 2030.
‘sarie’ allows bank customers to send and receive money in real-time using a wider range of services and transfer options. Customers of local banks can make instant transactions of up to SR20,000 ($5,300) through the system. Further, “sarie” users can benefit from the quick transfer service to send up to SR2,500 ($660) using aliases, such as mobile number, email address, ID number, or IBAN number.