Saudi Payments Network

Saudi Payments Network (mada)

Native name	الشبكة السعودية للمدفوعات (مدى)
Type	Private
Industry	Finance
Founded	1990; 34 years ago (1990)
Founder	Saudi Ministry of Finance
Headquarters	Riyadh, Riyadh Province , Saudi Arabia
Products	Financial services
Owner	Saudi Central Bank
Website	mada.com.sa

The Saudi Payments Network (Arabic: الشبكة السعودية للمدفوعات) or mada^[1] (Arabic: مدى, formerly SPAN) is the only and major payment system in the kingdom of Saudi Arabia established by Ministry of Finance under the supervision of Saudi Central Bank. 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 fully compatible with the network. All services are provided to the customer free of charge, regardless of the ATM used, its operator, or the customer's card issuer.

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, resolving a major problem of the first generation SPAN system.

Member banks in the network

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

• Smart card
• Visa Inc.
• American Express
• MasterCard

References

External links

• SPAN home page

0.00 (0 votes) Original source: https://en.wikipedia.org/wiki/Saudi Payments Network. Read more