Saudi Central Bank has launched Sarie, an instant payment system, to promote the national payments’ ecosystem and enhance its infrastructure
According to the Saudi Central Bank Governor Dr Fahad bin Abdullah Al-Mubarak, the new instant payment utility will empower the national infrastructure for digital payments, tracking the Kingdom’s payment sector’s growth for more than 30 years.
This new payment is part of a series of the Central Bank’s initiative to achieve financial inclusion, said Al-Mubarak.
Impact on Saudi financial system
The Governor said the platform offers secure and innovative payments that meet the needs of various segments of the Saudi economy.
It also increases liquidity circulation in the financial system by lowering operational costs involved in cash transactions, facilitating sending and receiving payments.
The new payment platform will enable bank customers to send and receive low-value cash around the clock, for a fee as low as US$0.27).
Additionally, the system allows users to use the mobile number as an identifier for transactions between banks. They can also verify the validity of the recipient’s bank account before completing the transaction.
The system also offers a quick transfer service that allows the banking sector’s clients to send payments of amounts less than Saudi Riyal 2,500 without adding and activating the beneficiary upon activation by the account holder.
Akeel said the system enables banks and fintech companies to craft more innovative financial services suited for the digital economy.