Wikipedia

Saudi Payments Network

The Saudi Payments Network (Arabic: الشبكة السعودية للمدفوعات) or mada[1] (Arabic: مدى, lit. 'Extend', formerly SPAN) is the major payment system in Saudi Arabia. Established by Saudi Central Bank (SAMA), it connects all ATM and point of-sale (PoS) terminals throughout the country to a central payment switch, which in turn re-routes the financial transactions to the card issuer (local bank, Visa, American Express or MasterCard). All banks in Saudi Arabia are required by the Saudi Central Bank (SAMA) to issue ATM cards that are fully compatible with the network. All services are provided to the customer free of charge, regardless of the ATM that is used, its operator, or the customer's card issuer.

Saudi Payments Network (mada)
Native name
الشبكة السعودية للمدفوعات (مدى)
Company typePrivate
IndustryFinance
Founded1990; 34 years ago (1990)
FounderSaudi Central Bank (SAMA)
Headquarters
Riyadh, Riyadh Province
,
Saudi Arabia
ProductsFinancial services
OwnerSaudi Central Bank
Websitemada.com.sa

Mada provides its services through over than 17,000 ATM machines and over 225,000 POS terminals in the Kingdom. In cooperation with global payment systems such as Visa, MasterCard, and Maestro, mada allows access to millions of ATMs and POS terminals worldwide.[2]

The network has recently been upgraded to SPAN2, which is compliant with EMV standards and implements a higher capacity infrastructure and therefore less processing time, especially at POS terminals, which solves a major problem of the first-generation SPAN system.

Member banks in the network

edit
 
Mada in the door of one of the markets in Saudi Arabia.
  1. Al-Rajhi Bank
  2. Al Bilad Bank
  3. Arab National Bank
  4. Bank AlJazira
  5. Emirates International Bank
  6. National Commercial Bank
  7. Riyad Bank
  8. SABB
  9. AlAwal Bank
  10. Banque Saudi Fransi
  11. Saudi Investment Bank
  12. Samba Financial Group
  13. National Bank of Kuwait
  14. Bank Muscat
  15. National Bank of Bahrain
  16. Alinma Bank
  17. Gulf International Bank

See also

edit

References

edit
  1. ^ "مؤسسة النقد تدشن رسمياً مشروع الهوية الجديدة للشبكة السعودية للمدفوعات (مدى)". www.sama.gov.sa (in Arabic). Retrieved 2017-12-05.
  2. ^ "Saudi Payment Network | Electronic payment system | Mada". www.mada.com.sa. Retrieved 2019-05-13.
edit


 

This Asian bank-related article is a stub. You can help Wikipedia by expanding it.

 

This Saudi Arabian corporation or company article is a stub. You can help Wikipedia by expanding it.

Retrieved from "https://en.wikipedia.org/w/index.php?title=Saudi_Payments_Network&oldid=1253791600"