You expressly agree that your use of the information within this article is at your sole risk. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. The press release is provided for informational purposes only. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release. This content is provided on an “as is” and “as available” basis and has not been edited in any way. This website is not responsible for, and does not control, such external content. HPS is listed on the Casablanca Stock Exchange since 2006 and has offices located in major business centres (Africa, Europe, Asia, Middle East).įor more information: FOR MEDIA INFORMATION: Borouj Consulting Randa Mazzawi +971 50 4506120 Nicola Ellegaard +971521678103 Press Release 2020ĭisclaimer: The contents of this press release was provided from an external third party provider. PowerCARD is used by more than 400 institutions in over 90 countries. PowerCARD is HPS comprehensive suite of solutions that covers the entire payment value chain by enabling innovative payments through its open platform that allows the processing of any transaction coming from any channel initiated by any means-of-payment. HPS is a multinational company and a leading provider of payment solutions and services for issuers, acquirers, card processors, independent sales organisations (ISOs), retailers, mobile network operators (MNOs), and national & regional switches around the world. Saudi Payments was established as a wholly owned subsidiary of SAMA with the mandate to continue the legacy of SAMA by continuing to develop secure, interoperable national payment infrastructure, serving banks and fintechs equally, and providing the required standardization to ensure all providers have a level playing field The development of a national QR code payment system is in line with the Financial Sector Development Program (FSDP) initiatives on digital transformation, entrepreneurship support, and financial technology development, aimed at meeting the aspirations of Vision 2030 and a cashless society. Multiple payment types are supported, information can both be fixed in a static QR code and used for multiple transactions, or a dynamic QR Code can be used for individual transactions. The QR Code enables a merchant to present a request for payment to a consumer, who can then verify and make a payment, or reject the request. It means merchants, individual customers, and service providers will be linked together to complete payment using the same code regardless of the service provider or scheme. The goal is to develop an integrated payment environment, and that allows all parties to benefit in an open-loop payment environment based on the latest messaging standards - ISO 20022. The introduction of QR codes will be an important step towards providing a universally consistent experience for both merchants and consumers, while also ensuring inter-operability and acceptance of secure payments. This step is based on the joint partnership between the two parties, and it aims to support the continuous development of the electronic payment environment in the Kingdom. Riyadh/Dubai: To enhance the electronic payment throughout Saudi Arabia and reduce the dependence on cash, High-tech Payment Systems (HPS) has been appointed by Saudi Payments, a fully owned subsidiary of Saudi Arabia Monetary Authority (SAMA), to provide a unified QR code platform to enable banks, wallet providers and FINTECHs to interact seamlessly within an interoperable platform. To enhance the electronic payment proliferation.
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