future of fashion tech

Saudi Payments has launched an instant payment system, called sarie, in collaboration with IBM and Mastercard.

Launched under the supervision of the Saudi Central Bank (SAMA), the system enables all bank customers in the country to send and receive money in real-time using a range of services and transfer options.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Customers of local banks can make instant transactions of up to $5,300 (SAR20,000) using the system.

Additionally, sarie will allow users to avail quick transfer service to send up to $660 (SAR2,500) using their mobile number, email address, ID number, or IBAN number.

Saudi Payments is utilising Mastercard’s real-time payment technology for the rollout of sarie, while IBM’ services and consultancy arm IBM Global Business Services (GBS) is the System Integrator (SI) partner for the project.

Saudi Payments managing director Fahad Al-Akeel said the collaboration with IBM and Mastercard is huge step forward for the company which aims to hone Saudi Arabia’s financial ecosystem through the adoption of faster payments and improvements to banking reconciliation.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The launch of the new payment system aligns with Saudi Arabia’s Financial Sector Development Programme (FSDP).

FSDP is part of Saudi Vision 2030 initiative, which looks to achieve 70% non-cash transactions in the region by 2030.

Al-Akeel said: “The instant payments system ‘sarie’ can enable us to drive usage and engagement across the Saudi payments ecosystem of banks and businesses. It can help lay the foundation for new payments business initiatives, encouraging financial inclusion and banking reconciliation of Saudi banks.”

IBM GBS Saudi Arabia managing partner Dina Abo-Onoq referred to the development as another step towards the advancement of the payments and banking landscape in Saudi Arabia.

Mastercard Saudi Arabia vice-president and country business development lead Maria Medvedeva added: “Saudi Arabia is an important market for Mastercard, and we anticipate that with this real-time payment system going live in the MEA region, many doors may soon open for ongoing innovation, both in the Kingdom and further afield.”

Last March, payment acceptance association nexo standards welcomed Saudi Payments as its principal member; a first in the association’s history from Saudi Arabia.