MEFTECH Payments - Intercontinental Hotel, Riyadh – 9th May to 10th May 2018
3rd April 2018, Riyadh, The Kingdom of Saudi Arabia - ‘MEFTECH Payments’ will take place for the first time in The Kingdom of Saudi Arabia, giving international and GCC technology providers access to the region’s largest financial market to showcase innovations, new products and industry-changing technologies for future electronic payments methods. MEFTEC Payments is organized in partnership with mada, the national payment network and SADAD the national Electronic Bill Presentment and Payment System provider to support their commitment to continue POS growth in the Kingdom. POS growth has doubled every three years, making Saudi Arabia one of the fastest growing POS businesses in the world with unprecedented dimensions of flexibility, speed, security, and acceptance throughout the Kingdom. By 2021, one in every three payments is expected to be non-cash and by 2025, over half of all retail payments will be non-cash.
‘MEFTECH Payments’ will be held at the Intercontinental Hotel, Riyadh from 9th May to 10th May 2018 to inspire new ideas, and industry-changing technologies supporting the rapidly developing payments, e-commerce and retail industry in the Kingdom and explore new ways for banks, institutions, and individuals, to make and receive payments. Through ‘live’ innovation demonstrations and an industry leading program of specialist speakers and exhibition, ‘MEFTECH Payments’ will cover platforms including: card, POS, ATM, VTM, Blockchain Technology, NFC, Security, Wearable, Mobile Payment solutions and more.
Ziad Al-Yousef, Director General of Payment Systems- mada and Managing Director for SADAD spoke about the performance of both services; “For mada, there were more than 17,000 ATMs and 225,000 POS terminals connected to the mada network in 2015 whereby 1.1 billion financial transactions were routed through the network, with a total value of almost SAR 626.3 billion (167 billion USD) with an average monthly transactions value of just over SAR 52 billion. By the end of 2017, we had 1.5 billion transactions with a total value of almost SAR 641.1billion. In terms of SADAD, the volume of Bills Paid in 2015 was 173 K with a payment value of 210 billion, By the end of 2017, the volume of bills paid grew to 218 K with a payment value of 250 billion. With such significant market growth in our sector, the opportunity for technology providers to share their innovations, perspectives and to establish leadership positions that will change the way we pay, is enormous.”
Tariq Abdat, President of Alhamrani Universal sponsors of MEFTECH Payments added: “The Payments Industry in Saudi Arabia is witnessing a revolution under the auspicious of the SAMA
mada program. Technology is evolving, consumers’ expectations are increasing, merchants’ requirements are getting more and more comprehensive and the new millennial generation is driving the digital transformation initiative along with banks towards having a unified seamless experience while transacting at every touch-point of the payment channels. MEFTECH will be a great opportunity to witness the Fintech companies’ solutions that will be shaping our future.”
MEFTECH Director, Oliver Bickell added: “MEFTECH Payments launches on the back of previous successful events across the region which has brought together more than 8,000 financial industry executives and over 1,000 technology providers in Bahrain, Dubai & Abu Dhabi. The first event in The Kingdom of Saudi Arabia will see attendees from Banks, Government Departments, Financial Institutions, Enterprises – large and small - who will come together to share knowledge, network, and do business in this established but growing financial market driven by Saudi Arabia’s VISION 2030”
To find out more about the cutting-edge conference agenda, opportunity to position your company as an industry-leader, showcase your company’s products solutions and services to a pre-qualified delegation or to participate in round-table discussions visit www.meftechpayments.com.sa
For any media enquiries please get in touch with ONE PR
Victoria Johnson, Head of PR & Content Marketing ONE PR, Mobile: +971 56 932 7530 Email: firstname.lastname@example.org
NOTES TO EDITORS
MEFTECH is the longest running Banking & Financial Technology event in the MENA Region. Over the years MEFTECH has brought together more than 8,000 financial industry executives and over 1,000 technology providers in Bahrain, Dubai & Abu Dhabi. Building upon this rich pedigree of success, “MEFTECH Payments” is being launched in May 2018 in Riyadh - The Kingdom of Saudi Arabia.
The journey of SPAN goes back to quarter of a century where it has undergone several evolutionary leaps in its technical infrastructure, capacity, and distribution. From the time of its establishment in 1990, the network has been implementing noticeable developments to continuously improve the quality of its services in line with global payment systems.
mada is the new identity of SPAN (Saudi Payment Network), that represents the innovative generation of electronic payments in Saudi Arabia and is intended to boost POS growth with unprecedented dimensions of flexibility, speed, security, and acceptance.
Through a network of advanced global technical payment systems, mada currently connects all automated teller machines (ATMs) and point-of-sale (POS) terminals offered by local banks throughout the country to a central payment switch that in turn re-routes the financial transactions between a merchant’s bank and the card issuer bank.
mada also permits regional and global acceptance through connecting with other payment schemes such as GCC Net, VISA, MasterCard, and American Express to provide mada cardholders with a wider acceptance locally and overseas.
Today, mada, provides the following:
• A seven-fold enhanced routing capacity in comparison to the previous generation. • An unprecedented standard of enhanced transactions performance and speed. • Widespread accessibility. • Instant SMS notifications to cardholders on any cash withdrawals or POS transactions. • Increased daily transaction purchase limit at POS terminals from SAR 20,000 to SAR 200,000. Upon cardholder request • Value-added services such naqd service that gives cardholders the convenience of withdrawing cash with their purchase at the merchant outlet.
SADAD Payment System (SADAD) was established on October 3, 2004 by the Saudi Arabian Monetary Agency (SAMA) to be the national Electronic Bill Presentment and Payment (EBPP) “also known as SADAD Bills” as a system provider for the Kingdom of Saudi Arabia (KSA).
More than 20 million users around KSA trust SADAD for their Bill Payment and now for their new service SADAD Account. The core mandate for SADAD is to facilitate and streamline bill payment transactions of end consumers through all channels (ATM – Online Banking – Phone Banking – Bank Branches) of the Kingdom’s Banks.
Now with SADAD new service SADAD Account that provides consumers with a secure, non-card based payment option (direct debit from the consumer’s light account in the Issuing Bank) for online purchase.
SADAD Account will help in:
• Increased revenues resulting for Banks from larger volume of e-Payment transactions. • Lower dependency on cash in the economy due to increased penetration of e-Payments in KSA. • Accelerated growth of e-Commerce economy in KSA resulting from increased SMEs and ‘home-based’ entrepreneurs. • Foundation to launch other electronic payment services.
And many more other aspects of the growth of the Saudi Economy.
VISION 2030 - Retail Sector Overview
Over the past decade, the retail sector achieved an annual growth rate in excess of 10 percent. It currently employs 1.5 million workers, of which only 0.3 million are Saudis. Traditional retail also still dominates 50 percent of the market in the Kingdom compared to 20 percent in a number of countries in the Gulf Cooperation Council (GCC), with our retail market suffering from limited penetration of modern trade and e-commerce. We aim to provide job opportunities for an additional million Saudis by 2020 in a growing retail sector that attracts modern, local, regional, and international brands across all regions of the country. We also aim to increase the contribution of modern trade and e-commerce to 80 percent of the retail sector by 2020. This will be achieved by attracting both regional and international retail investors and by easing restrictions on ownership and foreign investment. To this end, we will facilitate local and regional flow of goods and develop necessary sectoral regulations. We will also increase financing of small retail enterprises to stimulate their growth and development.
For more information, please contact:
+971 56 932 7530
How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.