According to Saudi Gazette, SAMA wants to reduce the dependence on cash circulation through the development of the national payment infrastructure to facilitate the transition to an electronic payment environment, one of the objectives of the Financial Sector Development Program.
The rate of online payments adoption in the country is 40% month-on-month growth, in line with the global growth rate of adoption, the publication continues.
Earlier in December 2018, Saudi Arabia, along with UAE, has launched a proof of concept for experimenting with blockchain to help cross-border payments between the two countries.
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