• Major PI License Acquisition: Network International, a UAE-based payments firm, has successfully obtained a Major Payment Institution (Major PI) license from the Saudi Central Bank (SAMA), positioning the company for an expansion of its merchant acquiring business in Saudi Arabia.
• Diverse Business Solutions: With the newly acquired license, Network International aims to strengthen its presence in the kingdom by offering acquiring solutions to a diverse range of businesses. This includes catering to high-volume retailers, individual entrepreneurs, and small and medium-sized enterprises (SMEs), contributing to a more inclusive and widespread impact.
• Digital Transformation Focus: Network International’s strategic move aligns with its commitment to reducing cash reliance and fostering digital transactions in Saudi Arabia.
Network International, a UAE-based payments firm, has successfully secured a Major Payment Institution (Major PI) license from the Saudi Central Bank (SAMA), paving the way for an expansion of its merchant-acquiring business in Saudi Arabia.
This strategic move is anticipated to fortify the company’s presence in the kingdom, enabling the provision of solutions to a diverse range of businesses, from high-volume retailers to individual entrepreneurs and small and medium-sized enterprises (SMEs).
With a focus on reducing cash reliance and fostering digital transactions, Network International aims to contribute to Saudi Arabia’s ongoing digital transformation.
Despite the country’s cash-intensive nature as of 2022, there is a noticeable shift towards digital payments, aligning with the broader global trend.
The Kingdom’s increasing adoption of prepaid cards and digital wallets reflects a growing preference for digital transactions, with prepaid cards accounting for 15% of point-of-sale transactions in 2022 and digital wallets contributing 22%, while cash transactions stood at 39%.”
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