Saudi Arabia has no IP scheme at present — but in April 2019, payment solution provider Vocalink (a Mastercard company) entered into partnership with Saudi Payments, with an aim to develop an IP system in the country. Saudi Payments is a fully owned subsidiary of the Saudi Arabian Monetary Authority.
The platform will support immediate interbank transfers and will be available to both retail and corporate customers. Consumers will be able to make P2P transfers through their smartphones without having to supply recipients’ bank details.