SABB has expanded its digital capabilities with a new partnership enabling enhanced cashless payment services.
The Saudi bank has entered into an agreement with fintech company Geidea to launch a ‘tap on phone’ app, a software point-of-sale (SoftPos) solution allowing merchants to accept payments from contactless cards or mobile devises such as smartphones and tablets, without the need of additional hardware.
Developed by Geidea, the solution is certified by Saudi Payments and is designed for on-the-go sales force, delivery services, and ride-hailing companies among others.
“[In] the COVID-19 backdrop, banking solutions ought to be more agile, innovative to meet the customer demands. We are committed to delivering the best-in-class digital services and are focused on creating value and bespoke solutions that help our clients achieve their business objectives,” Majed Najm, the deputy managing director of SABB’s corporate and institutional banking, commented. “SoftPoS is one such initiative that will be a game changer in the [Saudi] payment landscape. This is just the beginning to our great collaboration with Geidea for many more financial payments innovation initiatives in the pipeline.”
This new service is in line with the Kingdom’s Vision 2030 and Financial Sector Development Program pushing for a cashless economy. While still a heavily cash-dependent nation, smartphone penetration in Saudi is over 85% and has seen a steady upward trend of contactless payments.