The leader in providing payment solutions Hightech Payment Systems (HPS) has been selected by Saudi Payments, a subsidiary of the central bank Saudi Arabia Monetary Authority (SAMA), to provide a unified and interoperable QR Code platform enabling banks, Wallets and Fintech service providers to interact seamlessly.
The development of a national QR Code payment system in Saudi Arabia is in line with the initiatives of the Financial Sector Development Program (FSDP) on digital transformation, support for entrepreneurship and the development of financial technologies, aimed at to meet the aspirations of the country’s Vision 2030 and to establish a cashless society, according to a press release from HPS.
This project is part of the joint partnership between the two parties and aims to support the continuous development of the electronic payment environment in the Kingdom of Saudi Arabia with the aim of improving electronic payment in Saudi Arabia and reducing dependence to cash.
The introduction of QR Code payment will be an important step towards a universally consistent experience for merchants and consumers, while ensuring interoperability and the safe acceptance of payments, the statement said. The goal is to develop an integrated payment system that allows all stakeholders to benefit from an open environment based on the latest ISO 20022 messaging standards, said the same source, noting that merchants, individuals and suppliers of services will be interconnected to carry out transactions using the same code regardless of the service provider or the payment program.
The QR Code allows a merchant to present a payment request to a consumer who can accept or refuse it. Several types of payment are supported. The information can be fixed in a static QR Code used for several transactions, or in a dynamic QR Code which can be used for individual transactions.
Saudi Payments was created as a wholly-owned subsidiary of SAMA with the mandate to continue the legacy of SAMA by continuing to develop a national payment infrastructure that is both secure and interoperable for banks and fintechs, and providing the standardization required to guarantee fair conditions for all stakeholders.
HPS is a multinational, leader in the supply of payment solutions for transmitters, buyers, processors, mobile network operators (MNOs), mass distribution, independent sales organizations (ISOs), as well as national switches and regional in the world. PowerCARD is a complete suite of HPS solutions that covers the entire payment value chain. It allows innovative payments thanks to its open platform which handles the processing of all transactions initiated by all means of payment from any channel. PowerCARD is used by more than 400 institutions in more than 90 countries.
HPS has been listed on the Casablanca Stock Exchange since 2006 and has offices in the main business centers (Africa, Europe, Asia, Middle East).