SAMA set to license new providers of POS transactions in May

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, will license firms next month to provide point-of-sale (POS) transactions, Ziad Al Yousef, General Manager of Payment Systems at SAMA, told Al-Eqtisadiah newspaper on Wednesday.

The new licenses aim to facilitate access of small and medium merchants, such as groceries, to these services.

Meanwhile, the central bank took several measures to enhance safety and reduce fraud for a broad customer base, including the SMS Alert Service for instant monitoring of transactions, Al Yousef added in a press conference held in Riyadh.