Technology

MEFTECH Payments will take place for the first time in The Kingdom of Saudi Arabia, giving international and GCC technology suppliers access to the region's largest monetary market to showcase developments, new products and industry-changing innovations for future electronic settlements techniques. MEFTEC Payments is organized in partnership with mada, the nationwide repayment network and SADAD the national Electronic Bill Presentment and Payment System provider to sustain their dedication to proceed POS development in the Kingdom. POS growth has actually increased every 3 years, making Saudi Arabia one of the fastest expanding POS businesses worldwide with unprecedented dimensions of versatility, rate, safety, and approval throughout the Kingdom. By 2021, one in every three settlements is expected to be non-cash and by 2025, over fifty percent of all retail settlements will certainly be non-cash.

' MEFTECH Payment' will be held at the Intercontinental Hotel, Riyadh from 9th May to 10th May 2018 to inspire originalities, and industry-changing innovations supporting the swiftly developing settlements, ecommerce and retail industry in the Kingdom and explore new methods for financial institutions, organizations, and people, making and obtain repayments. Through 'live' innovation demos and an industry leading program of professional speakers and exhibit, 'MEFTECH Repayments' will cover platforms consisting of: card, POS, ATM MACHINE, VTM, Blockchain Technology, NFC, Protection, Wearable, Mobile Payment solutions and more.

Ziad Al-Yousef, Director General of Payment Equipments- mada and Managing Director for SADAD spoke about the performance of both services; "For mada, there were more than 17,000 Atm machines and 225,000 POS terminals connected to the mada network in 2015 wherein 1.1 billion financial transactions were directed via the network, with a total value of almost SAR 626.3 billion (167 billion USD) with an average monthly purchases worth of simply over SAR 52 billion. By the end of 2017, we had 1.5 billion transactions with a complete value of almost SAR 641.1 billion. In regards to SADAD, the volume of Costs Paid in 2015 was 173 K with a payment worth of 210 billion, By the end of 2017, the quantity of expenses paid expanded to 218 K with a settlement worth of 250 billion. With such substantial market development in our industry, the opportunity for innovation suppliers to share their developments, viewpoints and to develop leadership positions that will certainly alter the method we pay, is Payment."

Tariq Abdat, President of Alhamrani Universal sponsors of MEFTECH Payments included: "The Payments Industry in Saudi Arabia is seeing a change under the advantageous of the SAMA mada program. Modern technology is advancing, consumers' assumptions are boosting, vendors' requirements are obtaining increasingly more comprehensive and the new millennial generation is driving the digital transformation campaign along with financial institutions to having actually a merged seamless experience while negotiating at every touch-point of the settlement networks. MEFTECH will be a fantastic opportunity to witness the Fintech firms' options that will be shaping our future."

MEFTECH Director, Oliver Bickell added: "MEFTECH Payments launches on the back of previous successful occasions throughout the region which has combined greater than 8,000 economic industry executives and over 1,000 technology service providers in Bahrain, Dubai & Abu Dhabi. The very first occasion in The Kingdom of Saudi Arabia will certainly see participants from Banks, Government Departments, Financial Institutions, Enterprises - large and small - that will integrate to share knowledge, network, and do business in this established but expanding financial market driven by Saudi Arabia's VISION 2030"

To learn even more concerning the innovative meeting schedule, possibility to place your company as an industry-leader, display your company's products options and services to a pre-qualified delegation or to join round-table discussions visit www.meftechpayments.com.sa

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