Yahoo Finance Mastercard (MA), IBM to Aid Instant Payments in Saudi Arabia
Mastercard Incorporated MA and International Business Machines Corporation IBM have been chosen as facilitators by Saudi Payments under the supervision of the Saudi Central Bank (SAMA) that launched the region’s instant payments system named 'sarie'.
Mastercard and IBM will be providing all the required support to make the service a success.
This step is aligned with the Kingdom of Saudi Arabia’s policy to revolutionize its current ways of making payments by resorting to faster transactions and improving banking reconciliation.
'sarie' supports all Saudi banks across the Kingdom and is available for use by their customers for making and receiving money payments on a real-time basis. The launch of this modern payments system in sync with Saudi Arabia's Financial Sector Development Program (FSDP) under Saudi Vision 2030, which targets achieving 70% non-cash transactions by 2030.
For Mastercard, this deal is of great significance as the company gets access to an important market. Management believes that this real-time payment system going live in the MEA region can soon open many doors for the ongoing innovation, both in the Kingdom and and in further areas.
The company is chosen by the Saudi Payments by virtue of its innovative and secured real-time payment technology, which will enable people and businesses in the Kingdom to send money instantly. Mastercard is now providing real-time payments infrastructure technology for 12 of the largest 50 countries ranked on the basis of GDP.
In Saudi Arabia, Mastercard will be providing its multi-rail payments strategy whereby people and organizations will be able to comfortably send and receive money the way they want to at their chosen time and place across both card and account-to-account payment rails.
Mastercard has a proven ability of providing real-time payment services. It boasts a wide range of endeavors on this front like the launch of The Clearing House's RTP, which is the transformative real-time payment system in the United States, Faster Payments in the U.K., which is an evolution of Mastercard's highly successful and reliable systems developed for quick movement of money besides FAST in Singapore and PromptPay in Thailand.
Visa Inc. V and PayPal Holdings, Inc. PYPL are other companies making concerted efforts in providing real-time payment services.
Year to date, the stock has gained 5.5% against its industry’s decline of 0.3%.
Mastercard carries a Zacks Rank #3 (Hold) at present. . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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