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In 2012, compliance with the international payment card security standard (PCI) was achieved. In 2015, the new identity of the Saudi Payment Network, Mada, was launched. In 2016, Union Pay Cards were accepted. In 2017, two new payment services, Mada Atheer and Mada Naqd, were launched. In 2018, Mada e-Commerce service and Apple Pay were introduced.
The following is a list of notable online payment service providers and payment gateway providing companies, their platform base and the countries they offer services in: (POS -- Point of Sale ) Company
Alinma Bank (Arabic: مصرف الإنماء) is a Saudi joint stock company formed in accordance with Royal Decree No. M/15 dated 28 March 2006 and Ministerial Resolution No. 42 dated 27 March 2007. The bank was established with share capital of SAR 20 billion, consisting of 1.5 billion shares with a nominal value of SAR 10 per share.
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account.
An online wallet is a software or web service that allows users to store and control their online shopping information, such as logins, passwords, shipping address and credit card details. It also provides a method for consumers to purchase products from online retailers.
Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times of one to three business days that had been in place until the mid-2010s.
There are varied types of electronic payment methods such as online credit card transactions, e-wallets, e-cash and wireless payment system. [5] Credit cards constitute a popular method of online payment but can be expensive for the merchant to accept because of transaction fees primarily. Debit cards constitute an excellent alternative with ...
Digital keys that operate over NFC and/or UWB are compatible with a variety of mobile wallets.These digital keys can be stored in smart devices through the use of mobile wallets that have access to the device's embedded secure element, such as Google Wallet for Android & Wear OS, Samsung Wallet for Android, Huawei Wallet for HarmonyOS, or Apple Wallet for iOS & watchOS.