What does saudi payments network mean?
Definitions for saudi payments network
saudi pay·ments net·work
This dictionary definitions page includes all the possible meanings, example usage and translations of the word saudi payments network.
Wikidata
Saudi Payments Network
The Saudi Payments Network is the only and major payment system in the kingdom of Saudi Arabia. It connects all ATM and point of sale terminals throughout the country to a central payment switch which in turn re-routes the financial transactions to the card issuer,. All Banks in Saudi Arabia are required by the Saudi Arabian Monetary Agency to issue ATM cards fully compatible with the network. All services are provided to the customer free of charge, regardless of the ATM used, its operator, or the customer's card issuer. There are now more than 6,000 ATMs and 55,000 POSs connected to the network and in 2006 more than 340 million transactions went through SPAN, with a total value of 160 billion SR. The network has recently been upgraded to SPAN2 which is compliant with EMV standards and implements a higher capacity infrastructure and therefore less processing time, especially at POS terminals, resolving a major problem of the first generation SPAN system.
Numerology
Chaldean Numerology
The numerical value of saudi payments network in Chaldean Numerology is: 5
Pythagorean Numerology
The numerical value of saudi payments network in Pythagorean Numerology is: 3
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"saudi payments network." Definitions.net. STANDS4 LLC, 2024. Web. 9 May 2024. <https://www.definitions.net/definition/saudi+payments+network>.
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