As part of its efforts to continually adopt the latest and most secure payment technologies, Alinma Bank has signed a payment agreement with the Saudi Payment Network (mada) for the utilization of QR codes for digital payments. QR code technology enables the secure expediting of the payment process by allowing bank partners (customers) to pay for a range of items by scanning the code as it appears on compatible digital devices.
Speaking about the agreement, Alinma Bank's Chief Executive Officer, Abdulmohsen Al-Fares, said that providing modern payment services was a priority for the bank, and that signing the activation agreement with mada to use the QR code technology proved Alinma’s commitment to providing the latest, most innovative products and services for its partners.
He noted that the agreement would help Alinma better facilitate payments for corporate partners and retailers who would use the technology as unified digital platform with shared information to ensure efficient payments. He also highlighted the security and reliability of the QR code technology.
Alinma Bank has been recognized for its excellence in delivering reliable electronic payment technologies on behalf of its partners, and was recently given the "Best Digital Banking Service for Customers" award at the Arab Banking Excellence Awards, which was sponsored by the Union of Arab Banks and the Arab Organization for Information and Communication Technologies. Alinma also recently launched the Apple Pay and mada Pay services which utilize NFC technology for contactless payments for Apple and Android devices.
Source: http://saudigazette.com.sa/article/565645/BUSINESS/Alinma-Bank-signs-QR-code-payment-agreement