Riyadh: A special system has been introduced in Saudi Arabia to expedite payments through local banks. The Central Bank of Saudi Arabia has launched an instant payment application called Sari. The special feature is that the money can be transferred within the country at a cost of less than one riyal.
Central Bank Governor Fahad al-Mubarak said the new system would work full-time without holidays. Up to 20,000 riyals will be credited to the recipient’s account immediately. Mobile number can be used instead of iPhone number.
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