International digital payment systems are gaining momentum in Saudi Arabia. Moves are underway in Saudi Arabia to transform the traditional and office-centric banking sector into a modern and easy one. The government is now adopting a stance of allowing more facilities like digital payment and e-commerce. There were many technical hurdles for foreigners to make money transactions with people in Saudi Arabia. With the new policy, money transactions can be done more quickly and freely. According to the Saudi government’s Vision 2030 plan, special consideration is being given to strengthen the digital payment system.
More permission for banks
The government has started allowing banks more freedom to expand digital payments. Banks are allowed to tie up with the world’s leading payment networks. In the first phase, digital payment facility and then e-commerce facility have been allowed. The banking sector is observing the agreement signed by Saudi Aval Bank (SAB), a major bank in Saudi Arabia, with major company UnionPay the other day as a major step in this field. In the first phase, Union Pay’s payment cards have been agreed to be used in Saudi through Saab’s systems. According to this, foreigners can make money transactions in Saudi using UnionPay cards. Soon the two organizations will jointly launch an e-commerce system.
Tourism and Pilgrimage
Saudi Arabia’s new economic policy is to increase income through tourism in addition to traditional petroleum income. For this purpose, more tourist centers were started recently and permission was given for showing movies. At the same time, tourists are facing many difficulties as banking transactions are still underdeveloped. The Saudi government hopes to make the tourism sector more attractive by including digital payment systems that are popular in different parts of the world. Hajj and Umrah, which are one of the major income earners of the country, are also seeing increasing demand for digital payments. Foreign pilgrims find it very difficult to hold currency. With the new digital innovations, things will become easier in this area as well.
