The Saudi Arabian Monetary Authority "SAMA" directed the banks and payment services companies operating in the Kingdom to complete their preparations. This is In preparation for receiving requests for the installation of electronic payment methods for all activities of the retail sector, in conjunction with the obligation of those activities to provide electronic payment methods, starting from 1/6/1442 AH corresponding to 08/25/2020 AD.
SAMA indicated that this step comes in line with its strategy for the payments sector and the financial sector development program, aimed at enhancing electronic payment and reducing cash handling, and as a continuation of SAMA's efforts in support of activating the use of electronic channels, through the implementation of the integrated digital payments strategy program to upgrade the level of electronic services. Besides it is a step that comes within the framework of enhancing customer service and protection, which SAMA seeks to achieve in an attempt to provide these sectors with an advanced level of fair and safe treatment, and to ensure the spread of financial services at all levels.
SAMA stated in a circular addressed to banks and payment service providers in the Saudi Arabia, that the National Program for Combating Commercial Concealment, in cooperation with SAMA, the Ministry of Municipal and Rural Affairs and the Ministry of Trade, has obligated all retail sector activities in the Kingdom - which were not previously required - to provide means of payment. Starting from 1/6/1442 AH corresponding to 08/25/2020 AD. This comes with the aim of making efforts to activate this decision and ensure full readiness to keep pace with the expected volume of requests. it is necessary for banks and payment service companies to get ready to respond to all requests to open accounts and e-wallets for merchants working in all retail sector activities, as well as the readiness to respond to all requests for the installation of electronic payment methods authorized by SAMA.