RIYADH — ‘MEFTECH Payments’ will take place for the first time in the Kingdom of Saudi Arabia, giving international and GCC technology providers access to the region’s largest financial market to showcase innovations, new products and industry-changing technologies for future electronic payments methods. MEFTEC Payments is organized in partnership with mada, the national payment network and SADAD, the national electronic bill presentment and payment system provider, to support their commitment to continue POS growth in the Kingdom.
POS growth has doubled every three years, making Saudi Arabia one of the fastest growing POS businesses in the world with unprecedented dimensions of flexibility, speed, security, and acceptance throughout the Kingdom. By 2021, one in every three payments is expected to be non-cash and by 2025, over half of all retail payments will be non-cash.
‘MEFTECH Payments’ will be held at the InterContinental Hotel, Riyadh on May 9-10, 2018 to inspire new ideas, and industry-changing technologies supporting the rapidly developing payments, e-commerce and retail industry in the Kingdom and explore new ways for banks, institutions, and individuals, to make and receive payments. Through ‘live’ innovation demonstrations and an industry leading program of specialist speakers and exhibition, ‘MEFTECH Payments’ will cover platforms including: card, POS, ATM, VTM, Blockchain Technology, NFC, Security, Wearable, Mobile Payment solutions and more.
Ziad Al-Yousef, Director General of Payment Systems - mada and Managing Director for SADAD spoke about the performance of both services. “For mada, there were more than 17,000 ATMs and 225,000 POS terminals connected to the mada network in 2015 whereby 1.1 billion financial transactions were routed through the network, with a total value of almost SR626.3 billion ($167 billion) with an average monthly transactions value of just over SR52 billion. By the end of 2017, we had 1.5 billion transactions with a total value of almost SR 641.1billion. In terms of SADAD, the volume of bills paid in 2015 was 173,000 with a payment value of 210 billion. By the end of 2017, the volume of bills paid grew to 218,000 with a payment value of 250 billion. With such significant market growth in our sector, the opportunity for technology providers to share their innovations, perspectives and to establish leadership positions that will change the way we pay, is enormous.”
Tariq Abdat, President of Alhamrani Universal sponsors of MEFTECH Payments, added: “The Payments Industry in Saudi Arabia is witnessing a revolution under the auspicious of the SAMA mada program. Technology is evolving, consumers’ expectations are increasing, merchants’ requirements are getting more and more comprehensive and the new millennial generation is driving the digital transformation initiative along with banks towards having a unified seamless experience while transacting at every touch-point of the payment channels. MEFTECH will be a great opportunity to witness the Fintech companies’ solutions that will be shaping our future.”
MEFTECH Director Oliver Bickellm added: “MEFTECH Payments launches on the back of previous successful events across the region which has brought together more than 8,000 financial industry executives and over 1,000 technology providers in Bahrain, Dubai & Abu Dhabi. The first event in The Kingdom of Saudi Arabia will see attendees from Banks, Government Departments, Financial Institutions, Enterprises – large and small - who will come together to share knowledge, network, and do business in this established but growing financial market driven by Saudi Arabia’s Vision 2030”
To find out more about the cutting-edge conference agenda, opportunity to position your company as an industry-leader, showcase your company’s products solutions and services to a pre-qualified delegation or to participate in round-table discussions visit www.meftechpayments.com.sa — SG
