In an effort to improve the financial ecosystem in Saudi Arabia, Saudi Payments, under the supervision of the Saudi Central Bank (SAMA), has partnered with IBM and MasterCard to launch an instant payment system called “SARIE” in Saudi Arabia.
In line with the Saudi Vision 2030 and the Saudi Financial Sector Development Programme (FSDP). According to Saudi Vision 2030, Saudi non-cash transactions will increase by 70 percent by 2030.
Users will be able to transmit and receive 20,000 Saudi Rials (5,300 USD) in real-time transmissions via Sarie, up to a maximum of 2,500 Saudi Rial (660 USD) when other personal information (e.B. mobile phone number, email address, ID number or IBAN number) is used.
The Saudi e-commerce market is expected to grow from $26.9 billion to $48.6 billion by 2022. According to a survey conducted in May 2020, 53 percent of shoppers in the Middle East began to rely heavily on e-commerce during the epidemic.
Therefore, payment reform is imminent, and the e-commerce ecosystem needs to be continuously updated. IPS Saudi this year new payment system, because the great challenge of COD was seen as the Middle East electricity, can lead to return rate and rejection rate is extremely high, now more and more the emergence of financial technology companies are breaking the deadlock, this also happens to help finance the development of science and technology by the Saudi government, get rid of the paid in cash payment for the mainstream of the habit.