A study conducted by the Saudi Central Bank (SAMA) revealed that bank customers spent an estimated 12 to 15 million hours at bank branches every year to pay their bills, making it a heavy burden on both banks and customers. However, the situation has improved with the launch of the SADAD payment system, whereby bills and payments due can now be paid electronically through this new system, which saves time and effort for customers and relieves the pressure on banks.
In continuation of the implementation of the Saudi Payment Systems Development Strategy, SAMA launched this new service called “SADAD Account” with the aim of providing a secure online payment option without the need of using bankcards or cash. The service works directly between SADAD account and the e-commerce client and payments are deposited to the account of merchant or service provider.
SADAD has now entered a new stage wherein it provides innovative payment solutions for e-commerce. It is all set to become the go-to mode for facilitating online payments. The SADAD account can easily be accessed via the e-services of any member bank. Upon registration, the user gets a ‘username’ and ‘password’, which enables them to shop through the participating stores.
Here is all you need to know about this system and how it can benefit you…
What is SADAD payment system?
SADAD is a central system for displaying and paying invoices, and making a variety of other payments, developed by the Saudi Central Bank (SAMA). It was launched to facilitate and accelerate the process of payment of invoices and other payments electronically across all banking channels in Saudi Arabia.
How can you benefit from it?
If you are a customer of a billing agency such as telecommunications, water or electricity companies or have financial commitments with a government agency such as the passport agency, you can make your bill payments and other payments using SADAD. This service can be availed through the following banking channels:
- Bank branches;
- Bank websites; and
- Phone Banking.
What are the advantages of SADAD system?
The SADAD system has a number of unique advantages.
- Saves you a lot of time and effort when paying bills;
- Reminds you of pending or outstanding invoices;
- Provides fast and accurate payment information;
- Allows the use of the prepay service without an invoice (such as a prepaid phone card);
- Gives you the choice to pay your bills through multiple banking channels; and
- Allows you to save and retrieve your billing history on request.
How does the Payment Account work?
SADAD also offers a payment account service, where registered users can make online purchases on websites of a large number of participating stores without the need to use any electronic cards or cash. The amount is paid directly from the customer’s e-commerce account and deposited to the retailer’s account.
Businesses can benefit from this secure service, which serves more than 20 million customers at local banks by adding a payment account as a payment option on their websites.
What are the steps to use SADAD online shopping account?
If you do not already have a payment account, here are the steps you can follow to sign up:
- Access your bank account online.
- Create the username for your payment account.
- Set a password for the account.
- Enter the code to confirm.
- Get successfully registered.
You can use SADAD Online Shopping Account by following these steps:
- Enter the payment account username.
- Enter the password for the account.
- Enter a confirmation code.
- Complete the purchase.
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