The central bank works with local banks to elevate the banking sector in order to meet the requirements of economic growth. This includes facilitating electronic banking services and promoting electronic payments. The establishment of the Saudi Payments Network (SPAN) over twenty years ago was a significant milestone for the banking sector. It contributed to providing cash around the clock and facilitated purchase transactions using point-of-sale systems and becoming an important pillar in completing banking operations and commercial exchanges in the retail sector.

The establishment of the Saudi Payments Network was the beginning of implementing a comprehensive payments strategy aimed at encouraging banking sector participants to shift from cash to electronic payment channels. Efforts to develop the network continued to strengthen its role within the comprehensive strategy for payment systems IPSS2020. To enhance its role, the Central Bank collaborated with local banks to rehabilitate the Saudi Payments Network, ensuring it becomes a robust infrastructure capable of growth and expansion. This initiative includes several key aspects:
 

1. Raising the quality level by implementing service level agreements.
    
2. Enhancing and expanding the technical infrastructure to be capable of the expected growth.
    
3. Developing a new financial model that achieves balance supporting growth.
    
4. Developing technical and field monitoring tools.
    
5. Developing new metrics for points of sale and introducing a new operating model.
    
6. Developing a new identity for the network that suits the upcoming phase.
    

The central bank and local banks have completed these activities, and a number of activities have been launched in the financial market.

Culminating these efforts, the Central Bank is pleased to announce the new identity of the Saudi Payments Network "Mada," which represents the commercial name for the ATM and point-of-sale card service. The importance of the "Mada" electronic payment service lies in its role as the natural evolution of the Saudi Payments Network, making it "the first choice for payment in stores." This new service is characterized by safe and advanced technologies that effectively contribute to reducing the volume of cash transactions in the retail sector to its lowest levels, thereby decreasing the volume of circulating cash. This represents an optimal opportunity for the banking sector to enhance efficiency in financial transactions.

According to the marketing plan overseen by a team from local banks, the launch process will occur in phases, each targeting the introduction of the service to specific groups. The first phase of the identity launch, called the Soft Reveal phase, begins from the date of this announcement and aims to introduce the new identity within the banks to merchants. A specialized team from the Central Bank – General Directorate of Payment Systems – will communicate with all network members to provide the necessary mechanisms and tools for this.

 The active participation of member banks and the concerted efforts in the service application program will, by the will of God, lead to the desired success. Therefore, we emphasize the importance of member banks' commitment to the following:

1. Complete familiarity and thorough knowledge of the service and its benefits by all parties, whether customers or bank employees.
    
2. Adhering to the implementation of "Mada" standards for point-of-sale services, as well as performance indicators for providing the service.
    
3. Service marketing for various bank customers, including cardholders and merchants, and working on developing joint marketing programs with customers.
    
4. Increasing public awareness of the importance of the service and encouraging its use as a safe alternative to cash.
    

Attached with the circular is a CD containing a number of attachments that help member banks in carrying out identification tasks.
 

1. The introductory bulletin for the "Mada" service for bank employees via email.
    
2. The introductory bulletin to be published on the bank's internal web page.
    
3. The format of the letter addressed to merchants as part of the service introduction package for merchants.
    

The Central Bank's team will communicate with marketing managers at the banks in the coming stages to launch the Mada service according to the pre-prepared plan, which includes specific dates for each stage.
 

The member banks of the Saudi Payments Network

SPAN member banks