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Saudi Payments Network

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Saudi Payments Network (mada)
Native name
الشبكة السعودية للمدفوعات (مدى)
Company typePrivate
IndustryFinance
Founded1990; 34 years ago (1990)
FounderSaudi Central Bank (SAMA)
Headquarters
Riyadh, Riyadh Province
,
Saudi Arabia
ProductsFinancial services
OwnerSaudi Central Bank
Websitemada.com.sa

The Saudi Payments Network (Arabic: الشبكة السعودية للمدفوعات) or mada[1] (Arabic: مدى, lit. 'Extend', formerly SPAN) is the major payment system in Saudi Arabia. Established by Saudi Central Bank (SAMA), 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 that are fully compatible with the network. All services are provided to the customer free of charge, regardless of the ATM that is 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, which solves a major problem of the first-generation SPAN system.

Mada enables electronic payments through various channels, including point-of-sale (POS) terminals, Soft POS, automated teller machines (ATMs), and an e-commerce website across Saudi Arabia.

Mada cards are only debit and prepaid cards and are always co-branded with Visa or Mastercard to facilitate international acceptance and payments.

Mada has two payment services: Atheer and Naqd. Atheer is an NFC payment service for Mada cards, while Naqd allows cardholders to withdraw cash directly from merchants without visiting an ATM or bank.

Mada has its own NFC mobile payment service application, similar to Apple Pay and Samsung Pay, known as Mada Pay via the Atheer service for Android only. This allows Mada, Mastercard, and Visa cards issued by banks or e-wallets in Saudi Arabia to be added to the application.

Mada has partnered with various payment networks, and its POS devices accept Mada, GCC Net, Visa, Mastercard, Maestro, Amex, UnionPay, JCB, Discover, Diners Club, Samsung Pay, and Apple Pay (subject to merchant acceptance).

Member banks and E-wallets in the MADA network

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Local Banks in Saudi Arabia
No. Bank Name (English) Bank Name (Arabic) Bank Logos
1 Alinma Bank مصرف الإنماء
2 Al-Rajhi Bank مصرف الراجحي
3 Arab National Bank (ANB) البنك العربي الوطني
4 Bank AlBilad بنك البلاد
5 Bank Aljazira بنك الجزيرة
6 Banque Saudi Fransi (BSF) البنك السعودي الفرنسي
7 Meem, Gulf International Bank بنك الخليج الدولي , ميم
8 Riyad Bank بنك الرياض
9 Saudi Awwal Bank (SAB) البنك السعودي الأول (ساب) 1. Purpose of Use: The logo is used in the article to visually identify and illustrate the banks that participate in and support the MADA Saudi Payment Network. This is relevant to the topic and enhances the reader’s understanding of the network's partnerships and operational scope. 2. Nature of the Content: The logo is a simple graphic representation of the respective bank’s branding and does not reproduce significant or proprietary aspects of the institution beyond its visual identification. 3. Minimal Use: Only the logo is used, without any modifications, and at the lowest resolution necessary for clear identification. This ensures no potential commercial harm to the copyright owner. 4. Contextual Significance: The inclusion of the logo provides important context about the banks supporting the MADA network. It is essential for readers to visually associate the institutions with the payment network, as this cannot be effectively conveyed through text alone. 5. No Free Alternative: There are no free alternatives that could convey the same information with the same impact as the copyrighted logos.
10 Saudi National Bank (SNB) البنك الأهلي السعودي
11 The Saudi Investment Bank (SAIB) البنك السعودي للاستثمار
Local Digital Banks in Saudi
No. Bank Name
1 D360 Bank
2 STC Bank
3 Vision Bank
Digital E-Wallets [Electronic Money Institution (EMI)]
No. E-Wallet Name
1 STC Pay
2 Urpay
3 Tiqmo
4 Barq
5 Alinma Pay
6 Mobily Pay
7 Tweeq
8 Enjaz
9 Hala
10 Sifi
11 Loop
Foreign Licensed Banks in Saudi Arabia that provide Mada Cards
No. Country Bank Bank Logos
1 United Arab Emirates Emirates NBD KSA
2 United Arab Emirates First Abu Dhabi Bank (FAB)

History

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  • In 1952, the Saudi Central Bank was established.
  • In 1990, Saudi Payment Network (SPAN) services for ATMs were launched, along with Visa and Mastercard acceptance.
  • In 1993, Point of Sale (POS) service was introduced.
  • In 1994, SPAN transactions were accepted in Gulf Cooperation Council (GCC) countries through the Gulf payments network. GCC payments network was also accepted in Saudi Arabia, and AMEX Cards were now accepted.
  • In 2008, international security standards were implemented for all bankcards issued in Saudi Arabia. The international system for smart payment card standards was also implemented.
  • In 2012, compliance with the international payment card security standard (PCI) was achieved.
  • In 2015, the new identity of the Saudi Payment Network, Mada, was launched.
  • In 2016, Union Pay Cards were accepted.
  • In 2017, two new payment services, Mada Atheer and Mada Naqd, were launched.
  • In 2018, Mada e-Commerce service and Apple Pay were introduced. Mada Pay was launched.
  • In 2020, JCB Cards were accepted.
  • In 2021, the Soft Point of Sale (Soft POS) system was introduced. New features for Mada e-Commerce, including Preauthorization and Card on File, were developed.
  • In 2022, Discover Diner Club transactions were accepted in Saudi Arabia.
  • In 2023, Mada Transit was launched.
  • In 2024, Samsung Pay was introduced and accepted.

Images and Stickers

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THIS IS EMPTY PLEASE ADD BELOW IF YOU OWN THE COPYRIGHTS AND PLEASE ADD SVG

  • SAUDI HOLLANDI SPAN CARD
  • OLD SPAN LOGO
  • MADA NAQD
  • MADA ATHEER
  • MADA FULL ACCEPTED STICKER WITH [Mada, GCC Net, Visa, Mastercard, Maestro, Amex, UnionPay, JCB, Discover, Diners Club, Samsung Pay, and Apple Pay]
  • MADA ONLY ACCEPTED STICKER
  • REAL LIFE STICKER IMAGE OF MADA AT A STORE
  • Images of Mada Pay Application
  • Images of Stock mada card

See also

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References

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  1. ^ "مؤسسة النقد تدشن رسمياً مشروع الهوية الجديدة للشبكة السعودية للمدفوعات (مدى)". www.sama.gov.sa (in Arabic). Retrieved 2017-12-05.
  2. ^ "Saudi Payment Network | Electronic payment system | Mada". www.mada.com.sa. Retrieved 2019-05-13.
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