Saudi Central Bank Launches Instant Payment System “Sarie”

Saudi Central Bank Launches Instant Payment System “Sarie”

Riyadh, February 21, 2021, SPA -- The Saudi Central Bank (SAMA) launched the instant payment system sarie, under the patronage of Governor of the Central Bank Dr. Fahad bin Abdullah Al-Mubarak, through a virtual event organized by Saudi Payments, and attended by a number of financial and banking sectors experts and observers.

Commenting on the achievement, the Central Bank Governor highlighted the utility of the new instant payment system in empowering the national infrastructure for digital payments, tracking the growth the Kingdom's payment sector has been undergoing for over thirty years.

Governor of the Central Bank stated that the launching of sarie system comes as part of a series of SAMA-led initiatives to promote the national payments' ecosystem and to enhance its infrastructure, aiming to achieve financial inclusion.

He indicated that National payment systems are fundamental in strengthening the Kingdom's pioneering position in the financial sector. They offer secure and innovative payment solutions, meet the needs of various segments of the economy, and increase the effectiveness of the liquidity circulation in the financial system, through reducing the operational costs of cash handling, facilitating sending and receiving payments, and driving the digital