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SAMA approved licences for Digital Wallets in Saudi Arabia which means you will no longer to enter credit card and debit card details again and again. The payment gateways will offer digital wallets, e-commerce and SME Business solutions to companies in Saudi Arabia. More Details below.
What are Digital Wallets?
A digital wallet (or e-wallet) is a software-based system that securely stores users’ payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology. They can also create stronger passwords without worrying about whether they will be able to remember them later.
Investopedia, 2020
Which Digital Wallets providers are added by SAMA?
Saudi Arabia Monetary Authority has recently added BayanPay and HalalaH for digital payments and wallets. The new licensing will bring innovation to the Finance sector of the Kingdom.
It also means that the current payment method and providers will also have more competition and it will digitalise the overall culture of purchasing and selling. STC Pay, Sadad and other payment methods already brought a revolution in the country but with these new changes, Saudi Arabia is competing with world leaders of digital payments.
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