JEDDAH: ARAB NEWS
Published — Saturday 29 December 2012
Last update 29 December 2012 12:12 am
The national commercial committee (NCC) of the Council of Saudi Chambers asked the Saudi Arabian Monetary Agency (SAMA) to make sure all shops use electronic funds transfer at points of sale (EFTPOS). This will involve use of a machine for payment by debit or credit cards at points of sale.
This would prevent cover-up businesses and theft attempts, Wasef Kabli, a member of the NCC, told Al-Eqtisadiah newspaper.
He said NCC suggested to the director of SAMA that the agency enforce the system on all companies that have a commercial registry at the Ministry of Commerce and Industry.
“Enforcing this system will require every business owner to open an account for this purpose. Some businessmen have already applied to obtain such a point of sales (POS) from banks but they have been rejected,” Kabli said. He did not explain why these applications were rejected.
He said that providing EFTPOS at every sales outlet would help identify the real person behind each business transaction.
Rayan Darar, an economic consultant, said that conducting sales through POS would have a positive impact on fiscal transactions.
Cash transactions can be misused and are less secure than conducting sales through credit card terminals and the Saudi network.
There are currently more than 87,181 POS machines in use, reported Al-Eqtisadiah.