(MENAFN)Saudi Payments, owned by the Saudi Central Bank, joined with Visa to inaugurate a low-cost contactless payment technology for small and micro-businesses.
“Tap to phone” solution uses near-field communication technology to permit these businesses to approve payments through their smartphone devices, without having to invest in a separate point of sale device.
The move is in line with Saudi Arabia’s goal to revise its financial system by making innovation accessible to all segments of society.
Fahad Al-Akeel, Saudi Payments managing director further declared that “This step enhances the Kingdom’s financial technology capabilities and is congruent with Saudi Vision 2030’s nation-wide drive for digitization.”
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