A new consumer “smart card” for low-income Saudis will be introduced next year through a cooperative society affiliated with King Saud University in Riyadh. The card gives special 15 percent discount on consumer products and other services.

Naser Al-Tuweem, society chairman, said the project is supported by the Ministry of Social Affairs and KSU. “The trial will target 2,000 from among university employees in coordination with popular sales points.”

The trial will be closely studied for six months and implemented throughout the Kingdom after gaining approval from authorities.

Sales centers will be established to get instant reductions on basic consumer goods. Card services may eventually be expanded to the transport, telecommunication and medical insurance sectors with the support of cooperative consumer society branches across the country.

Societies have announced a similar project to reduce the price of food and other essential commodities once the initial project is complete.

“Expanding the roles played by these societies will pave the way for establishing a long-term preventive strategy to curb rising prices, in addition to reducing inflation and putting an end to the monopolization of vital consumer goods,” said one official.

“These societies will apply a unified price policy since market freedom does not mean traders should be able to hike prices as they please,” he said.

There are currently five specialized consumer cooperative societies, in addition to other multipurpose societies.