<The Saudi Arabian Monetary Agency (SAMA) has finalized the review and development of the technical procedures of the mada system in line with the needs of the local market and global trends, and set a set of standards that will improve the level of service to match the Kingdom's economic growth.

SAMA noted in a statement that the significant expansion in the capacity of the Mada system enabled banks to increase the number of POS devices and deploy them widely, increasing the number of POS devices during 2015 by more than 86 thousand devices to reach 225 thousand, a growth rate of 62.4% in 2014.

SAMA said in a statement that the number of POS devices increased by more than 86 thousand devices to reach 225 thousand, a growth rate of 62.4% in 2014. During 2015, SAMA added several service sectors to be covered by the Mada system in addition to the expansion and spread in the retail sector in general, as part of the plan to increase the use of POS and reduce reliance on cash in conjunction with the growth in the number of devices, noting that the number of transactions carried out through the Mada system increased by 22.2% to reach 443 million transactions and the value of transactions carried out grew by 12.8% to reach SR191.7 billion during the same period.

The statement stated that the number of transactions carried out through the Mada system grew by 12.81 TP3T to reach 191.7 billion riyals during the same period.