Tired of paying cash and consuming a lot of time and effort? Are you looking for an electronic payment method in the Kingdom of Saudi Arabia that allows you to pay via the internet without leaving your home? Decent; With the payment system provided by the Arab Currency Authority of the Kingdom of Saudi Arabia, your dream will no longer be a reality as it will save you the hassle of paying cash and will take great care of your precious time.
But you may ask: What is the payment system for payments made by the Kingdom of Saudi Arabia? What are its advantages and benefits for e-store owners? Also, what are the steps to register? That’s what we’ll all learn about in this article; so follow us.
What is the payment system in the Kingdom of Saudi Arabia?
It is an online payment electronic service provided by the Saudi Arabian Monetary Authority. The SADAD Payments service was launched in 2004 and won the United Nations Award for Best Government Project in the category of improving service delivery; The service has been continuously updated to pay, view and facilitate all financial charges, bills and online payments through all banking channels in the Kingdom of Saudi Arabia; Ensuring the satisfaction of local and international customers, it is directly debited from the customer’s account and deposited into the merchant’s account.
It has also become one of the services following the agency as an electronic central system. Merchants, private and government sector companies, individuals as well as banks can use SADAD services for all transactions as they can electronically pay for purchases on various shopping sites, apart from payments and invoices. For government agencies, and billing agencies such as: water utilities, telecommunications companies, and power companies.
The most important features of the payment system in the Kingdom of Saudi Arabia
Once you start using the SADAD payment system in the Kingdom of Saudi Arabia, you will benefit a lot; the system contributes a lot:
- Comprehensive solution for all payments
- Supporting small businesses that rely entirely on the Internet is in line with the general direction of the country.
- Guided by the digital economy, it supports the national economy.
- Provides diversification benefits and economic benefits.
- Reduce the pressure on banks in general.
- Helps transition to a society that reduces the use of cash and conducts all financial transactions digitally.
- Speed up and facilitate payments and bill payments through banking channels in the Kingdom of Saudi Arabia.
- Save time and effort for customers.
- It offers a secure option to make electronic payments over the internet without the need for cash or cards.
- Create the necessary environment for digital commerce.
Advantages of using the SADAD system for banks
Samba Financial Group, Al Jazira Bank, National Commercial Bank, SABB Saudi British Bank, Saudi Investment Bank, Riyadh Bank, Al Rajhi Bank, Al Jazira Bank, and Arab State Bank are all beneficiaries of SADAD payments. It is worth noting that individuals are not only The beneficiaries of the system, so are the banks, because they fully benefit from the system, because the payment system does the following:
1. Reduce the matching process cost
The cost of matching operations for banks has been reduced since banks use the payment system of the Kingdom of Saudi Arabia, as they previously provided reports and did their own matching operations for each bookkeeper individually; this reduces the time and effort spent.
2. Standardization of connection requirements
The payment system in the Kingdom of Saudi Arabia avoids the huge sums of money spent by banks on previous connected channels. This helped them unify their linking requirements with all other banks.
3. Reduce operating costs
The SADAD system increases the number of electronic channels through which a bank’s customers can pay their bills through the channels of their transaction bank as well as through the channels of other banks.
4. Centralized matching with billing parties and banks
The system works to transfer the amount in the account according to the request of each beneficiary, thereby reducing the operational cost of conventional payment operations to electronic payment operations; SADAD payment system plays the role of a central matching agency with billing agencies and banks.
4. Limit and reduce complaints
The bank will be able to limit and reduce customer inquiries and complaints due to differences in payment operations, improve the reliability and accuracy of billing information, and it is worth noting that the system provides customers with management flexibility. Their bank account balances, eg: Withdrawal Control For each card, distribute the balance to multiple cards and determine the scope of the card, whether it is global or local.
Benefits of the system for e-store owners
The Saudi Arabian Monetary Authority has established a centralized platform through the SADAD payment service; this increases digital payments in the Kingdom of Saudi Arabia, which effectively facilitates e-commerce services and facilitates online stores as it will help to way to collect and complete payments and avoid the difficulties and delays associated with payment to customers by the owner’s online store and bank transfers after receipt of the goods.
It is worth noting that the SADAD payment system will soon become a platform for all kinds of ideas, as well as the main account for paying locally for purchases over the Internet, and not only that, because there are many more benefits for online store owners when using the Kingdom of Saudi Arabia The SADAD payment system, as follows:
1. Pay all dues from one place
The payment system in the Kingdom of Saudi Arabia will keep the history of customer invoices and retrieve them when required by the online store owner, also giving customers the opportunity to pay and view invoices in one place. This reduces cash payments and increases efficiency, which in turn helps e-commerce.
2. Save time and effort
One of the most difficult issues a customer can face is consuming time and energy during the regular payment process at the branch; this puts him off buying from online stores, but with payment services in the Kingdom of Saudi Arabia, things will be different Different, as customers can pay all their bills from one place through banking channels, which will have a positive impact on e-commerce.
3. Provide the billing operation information of the billing party
SADAD Payment Services in the Kingdom of Saudi Arabia provides all information about the biller’s payment operations with high precision and speed. This helps the online store owners a lot in this matter.
4. Provide customers with new payment methods
The SADAD payment service in Saudi Arabia is of great help to e-commerce as it provides customers with a new way of payment process. This simultaneously provides them with a fast and secure method of payment, resulting in increased sales percentage and payment acceptance by a wider customer base.
5. Flexible use of banking channels
The payment system in the Kingdom of Saudi Arabia increases the flexibility of banking channels for customers as they can pay from the banks they do business with. This helps them not to be limited to certain channels and gives them a wider choice of payment operations which will make them very happy allowing them to complete the buying process from online stores; this increases the percentage of sales from these stores .
Steps to register with the SADAD payment system in the Kingdom of Saudi Arabia
You can now register with the SADAD payment system in the Kingdom of Saudi Arabia easily and conveniently, all you need is a unique password and username on the website, and then you only need the following information:
- To shop through online stores and websites, enter your bank (where you have a special account) on the Internet.
- Create a username and password for the SADAD payment account.
- Enter the code shown to you; confirm.
- Click on the word “Complete Registration”.
at the end…Dear reader, after knowing what the payment system in the Kingdom of Saudi Arabia is, its most important features, the benefits of this system for e-store owners and the steps to register in it; you must conduct all your finances through the payment system transactions; this saves you time and effort.
It is worth noting that the performance performance of the payment system recorded a huge increase in the number of sales operations, with a business value of more than 287 billion riyals, reaching more than 1.6 billion electronic payment transactions in 2018, with an annual growth rate of 14.7%. The rate is about 57%.