Saudi Arabia: New e-payment system to cut costs, cash smuggling

December 31, 2014

Jeddah, Dec 31: Major modifications will be made to the Saudi Payment Network System (SPAN) in 2015 to increase efficiency and reduce costs for banks, merchants and consumers, and counter the smuggling of cash. It would eventually also allow for withdrawals at point-of-sale (POS) terminals, and getting money from ATMs without cards.

e-payment

The new system, to be renamed Mada, will connect ATMs and POS terminals throughout the country to a central payment switch that in turn re-routes the financial transactions between banks of merchants and customers.

The Saudi Arabian Monetary Agency is now testing the system. Sources indicate that it would create changes in consumer culture, including serving as an incentive to save by reducing the usage of cash, and encouraging greater spending via bank cards.

The new system will include additional services for customers, which will be implemented gradually over the coming years. These include the possibility of withdrawing from ATMs without a card, obtaining prepaid cards loaded with amounts as per clients’ request, facilitating electronic payments for purchasing tickets, and cash-back options from tellers and shops to reduce pressure on ATMs.

The system will also permit the transfer of funds to customers outside the Kingdom who carry the same type of cards, without the deduction of transfer fees. It will also allow transfers to accounts at other banks, and better verification of the income of businesses to impose fees or taxes more systematically.

Sources indicate the system will help reduce costs on banks and shops, given the significant amount of electronic trading, as well as facilitate buying, selling, and transfer of funds within and outside the Kingdom. There will be no limits on the number of times ATM cards can be used, and no usage, annual, or balance inquiry fees.

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News Network
May 3,2020

Dubai, May 3: Over 150,000 Indians in the UAE, who wish to return home amid the coronavirus lockdown, have applied through the online registration process to the Indian missions here, according to media reports.

The Indian missions in the country last week opened online registration for the expatriates who wish to fly back home after getting stuck in the country amidst the lockdown due to the coronavirus pandemic.

As of 6 pm on Saturday, we received more than 150,000 registrations, Consul General of India in Dubai Vipul told the Gulf News on Saturday.

A quarter of them want to return to their homeland after losing their jobs, he said.

According to a report in the Khaleej Times on Sunday, about 40 per cent of the applicants who have registered are blue-collared workers and 20 per cent are working professionals.

"Roughly 20 per cent have suffered job losses and about 55 per cent of the total applicants are from Kerala," Neeraj Aggarwal, Consul, Press, Information, Culture was quoted as saying in the report.

Aggarwal said that the figures would change as they are expecting registrations from workers from other states, including Telangana, Uttar Pradesh, and Bihar.

About 10 per cent of the applicants are visit and tourist visa holders who got stranded here due to the ongoing lockdown in India.

India extended the ongoing lockdown by two weeks from May 4 to contain the spread of the coronavirus that has affected nearly 40,000 people in the country.

Aggarwal said that a small number of the applications constitute those from pregnant women and other medical cases.

Since the online registration process was launched, the Consulate's website crashed several times due to the heavy rush of applicants wishing to register to fly back home.

The site has been working fine now though it took a lot of time for it to stabilise in the initial phase due to the heavy traffic, the counsel general said.

He said that the missions here have not yet received any information from the Indian government about the mode of transport of the stranded citizens, the prices of the tickets or how the COVID-19 test results of applicants would be assessed for their journey.

There are high-level discussions going on regarding these things, he said in the report.

Meanwhile, Norka (The Non Resident Keralites Affairs) said it has received a total of 398,000 applications from Keralites across the globe who wish to return home.

"Of which, the highest numbers are from the UAE. At least 175,423 applicants have signed up from the UAE," Norka said in an official statement on Saturday.

It also received 54,305 registrations from Saudi Arabia, 2,437 from the UK, 2,255 from the US, and 1,958 from Ukraine from those who wish to return to India, the Khaleej Times reported.

The coronavirus has infected 13,599 people and claimed 119 lives in the UAE, the Ministry of Health and Prevention said on Saturday.

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News Network
April 12,2020

Apr 12: Parents in Abu Dhabi affected by the Covid-19 situation can seek help from the authorities in paying off their children's school fees, it was announced on Sunday.

The Abu Dhabi Media Office took to Twitter to announce the reprieve. The Authority for Social Contribution - Ma'an and Abu Dhabi Department of Education and Knowledge (Adek) "will support parents with children attending private schools in #AbuDhabi who are affected by the current economic challenges, by paying school fees or providing devices for distance learning".

The move is part of the 'Together We Are Good' programme which aims to support residents impacted by the Covid-19 coronavirus crisis in the country.

"Parents can call the toll-free helpline on 800-3088 or register their request at http://togetherwearegood.ae. The closing date for fee assistance applications is 23rd April 2020," the media office tweeted.

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News Network
March 26,2020

Riyadh, Mar 26: The video summit of the G20 leaders slated for Thursday will unite the global response to the coronavirus pandemic, Saudi Arabia's King Salman said.
"As the world confronts the COVID-19 pandemic and the challenges to healthcare systems and the global economy, we convene this extraordinary G20 summit to unite efforts towards a global response. May God spare humanity from all harm," tweeted King Salman, who will chair the summit.
The summit will be held today via video conference with an aim to advance a coordinated global response to the COVID-19 pandemic and its human and economic implications, the Kingdom had said yesterday in a statement.
India is a member nation of the G20 group. Prime Minister Narendra Modi, who will take part in the summit, said that the Group of 20 (G20) has an important role to play in the fight against coronavirus.
He said: "The G20 has an important global role to play in addressing the #COVID19 pandemic. I look forward to productive discussions tomorrow at the G20 Virtual Summit, being coordinated by the Saudi G20 Presidency."
The other members of the group include Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, the Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US, and the European Union.
Several international organisations -- including the United Nations, World Bank, the World Health Organization and the World Trade Organization will take part.

Leaders from the Food and Agriculture Organization, the Financial Stability Board, the International Labour Organization, International Monetary Fund, the Organization for Economic Cooperation and Development -- will also be the part of the conference.

Regional organisations will be represented by: Vietnam, the Chair of the Association of Southeast Asian Nations (ASEAN); South Africa, the Chair of the African Union (AU); the United Arab Emirates, the Chair of the Gulf Cooperation Council (GCC); and Rwanda, the Chair of the New Partnership for Africa's Development.

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