Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

Wall Street gets Fed reality check
Wall Street gets Fed reality check - 01:51
Reuters Today: Spanish yields seen rising at auction
Reuters Today: Spanish yields seen rising at auction - 06:21
Surprise services boost points to UK recovery
Surprise services boost points to UK recovery - 02:54
Breakingviews: Do as I say, not as I do – German wages
Breakingviews: Do as I say, not as I do – German wages - 05:04
Market Pulse: Spain under fire as investors shun bond sale
Market Pulse: Spain under fire as investors shun bond sale - 03:28
Myanmar's Kyat begins managed float
Myanmar's Kyat begins managed float - 01:59
ASEAN: territorial code of conduct draft by year-end
ASEAN: territorial code of conduct draft by year-end - 01:48
U.S. Morning Call: Stock futures down, JPMorgan to be fined
U.S. Morning Call: Stock futures down, JPMorgan to be fined - 02:08
EMEA Day Ahead:: Thursday
EMEA Day Ahead:: Thursday - 03:13
3XSQ: Customer funds in question; royal return
3XSQ: Customer funds in question; royal return - 05:44
Still cashing in? Hirst retrospective
Still cashing in? Hirst retrospective - 02:32
World's biggest car delivery center
World's biggest car delivery center - 02:41
FACTBOX: Titanic the movie sails again
FACTBOX: Titanic the movie sails again - 02:20
Trading at Noon: Wall St. down on lost hope for stimulus
Trading at Noon: Wall St. down on lost hope for stimulus - 02:48
Draghi holds rates, offers caution
Draghi holds rates, offers caution - 01:50
Breakingviews: Gun bubble redux
Breakingviews: Gun bubble redux - 02:51
Yahoo cuts 2,000 jobs
Yahoo cuts 2,000 jobs - 01:15
Easter egg panic in eastern Europe
Easter egg panic in eastern Europe - 01:28
Wealth Strategies: Equity rally has 3 years left in cycle
Wealth Strategies: Equity rally has 3 years left in cycle - 06:05
Congressional insider trading ban
Congressional insider trading ban - 01:17
Gas prices no detour for car buyers
Gas prices no detour for car buyers - 02:13
Demand for fuel-efficient cars will outlast spike in gas prices
Demand for fuel-efficient cars will outlast spike in gas prices - 02:36
Most engines of growth are in emerging markets : Nissan CEO
Most engines of growth are in emerging markets : Nissan CEO - 05:39
U.S. Day Ahead: GAP set to shine with same store sales
U.S. Day Ahead: GAP set to shine with same store sales - 01:59

Saudi's new e-payment system cuts costs

Tuesday, September 01, 2015 - 01:25

Saudi Arabia has officially launched a new electronic-payment system, designed to make transactions faster and easier. As Hayley Platt reports the new e-payment system provides customers with additional services, such as a contactless payment system and receiving cash back while shopping.

▲ Hide Transcript

▶ View Transcript

It's part of everyday life for many in the West. Now Saudi Arabia is catching up - it's carried out major modifications to its Payment Network System in an attempt to modernise the kingdom's banking system. Abdulaziz al-Fruiah is Vice Governor of Saudi's central bank . (SOUNDBITE) (Arabic) VICE GOVERNOR OF SAUDI ARABIAN MONETARY AGENCY, ABDULAZIZ AL-FRUIAH, SAYING: "It will be called: 'Mada for each day', that means it is with us 24 hours, seven days a week, 365 days a year." As well as contactless payments the system also has a cash back facility, allowing shoppers to withdraw up to 400 Saudi Riyal - that's around $100. It will connect ATM's to point-of-sale terminals and encourage greater use of bank cards, meaning less reliance on cash. That could help counter cash smuggling. Abdulmalik al-Sheikh runs the payment system at the central bank. (SOUNDBITE) (Arabic) GENERAL MANAGER OF DEPARTMENT OF PAYMENT SYSTEM AT SAUDI ARABIAN MONETARY AGENCY, ABDULMALIK AL-SHEIKH, SAYING: "Last year, there were 360 million transactions worth 170 billion riyal via point-of-sale. This year, we are expecting POS sales to top 200 billion riyal with further growth next year." Officials hope the new system will cut costs for banks and shops as well as make spending easier for millions of consumers. It's also expected to lead to withdrawals from ATM's without cards.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Close

Saudi's new e-payment system cuts costs

Tuesday, September 01, 2015 - 01:25