KSA - Electronic payment is mandatory in early April 2020
Saturday, 03 14 2020, Category: Technology, Country: Saudi Arabia
The Saudi Arabian Monetary Agency “Sama” has affirmed that banks, banks and payment service providers operating in the Kingdom should complete their readiness in preparation for receiving requests to provide electronic payment methods for personal services activities, in conjunction with requiring merchants working in those activities to provide electronic payment methods starting from the beginning of April 2020.
The Monetary Agency stated that this step comes from its strategy for payment systems and the sector development program aimed at enhancing electronic payment and reducing cash dealing, and to complement the institution’s efforts to activate the use of electronic channels through the implementation of the integrated digital payment strategy program to advance the level of electronic services provided, in addition to the program’s efforts The National Anti-Commercial Coverage by the gradual obligation of the retail sector to provide electronic payment methods
“SAMA” indicated in a circular addressed to banks, banks and payment service providers that the national program to combat commercial cover-up, in cooperation with the Corporation and the ministries of municipal and rural affairs and trade, had committed all personal services activities in the Kingdom to provide electronic payment methods from the date of 1/4/2020, In order to ensure the success of the special efforts to activate this decision, and to ensure complete readiness to keep pace with the expected volume of requests.
She indicated that banks, banks and payment service providers must commit to being ready to receive requests to open bank accounts and electronic wallets for merchants working in personal services activities, as well as being ready to receive requests for the provision of electronic payment methods authorized by the institution (point of sale devices, or a QR code) ) Responding to it through all different channels, such as: branches, the official website, and the unified number, to facilitate this requirement for merchants working in personal services activities, and to adhere to the regulatory and operational rules for these services.
It also assured banks, banks and payment service providers of the obligation when providing a means of payment using Merchant Category Codes designated for this sector, and that employees be circulated internally with this decision to ensure their adequate understanding of it when receiving requests and inquiries in this regard.