Saudi Payments

Saudi Payments is a wholly-owned subsidiary of the Saudi Central Bank (SAMA), established in 2019. The company works on developing a secure national payment structure, providing services for banks and financial technology (fintech) companies, and ensuring the required standards are met to guarantee an equal level for all service providers.

The Saudi Payments operates the infrastructure for four secure payment platforms: mada, SADAD, Esal, and Sarie.

The Saudi Arabian Monetary Authority (currently known as the Saudi Central Bank), established the Saudi Payments Network in 1990 to promote the use of electronic transactions provided by the banking system. In 2004, the 'SADAD' payment system was launched. In 2015, the 'mada' payment system was introduced, representing an innovative generation of electronic payment systems in the Kingdom. In 2018, the 'Esal' system was launched, and in 2019, the General Department of Payment Systems and the SADAD payment system were merged under the unified name 'Saudi Payments.'

The establishment of Saudi Payments aims to provide fast and efficient payments and to open up avenues for expanding the scope of digital payments by developing appropriate key infrastructure. It aims to provide empowering factors for consumers, merchants, companies, and commercial institutions, and to establish a strong national payments infrastructure to unify digital payment systems in the Kingdom.

Statistics released by the Saudi Central Bank indicated that the share of electronic payments in the retail sector for individuals reached 62 percent for 2022, out of the total available payment transactions including cash in the Kingdom. This surpasses the targeted percentage set within the Financial Sector Development Program, one of the programs of Saudi Vision 2030, which was set at 60 percent for 2022.

Saudi Payments won the 'Best Payment Experience' award at the 2023 Seamless Middle East for its service 'mada for Public Transportation Payments', one of the modern services provided by the national payment network 'mada'. This service allows for a smooth and secure payment experience in the public transportation sectors in the Kingdom. Technological solutions have been developed to enable the acceptance of electronic payments in the public transportation sector, allowing all forms of payment through smart devices and plastic cards via Near Field Communication (NFC) service. These solutions offer high flexibility and multiple payment options for bus users, speeding up the boarding process by using contactless payment cards or smart devices.