SAMA has decided to increase the purchase limit of atheer-enabled cards (supporting NFC technology) from SAR 100 to SAR 300 for a single transaction with no need to enter PIN. However, the total accumulative amount of atheer transactions made at POS terminals will remain at SAR 300. This step comes in line with SAMA’s supervisory and regulatory role and its pursuit to implement the precautionary and preventive measures issued by the competent authorities to stop the spread of the novel coronavirus (COVID-19).
In addition, SAMA’s decision confirms its keenness to protect the safety of electronic payment users and to serve the public interest.
According to the decision, SAMA has directed the Saudi Payments subsidiary to start making the required adjustments starting from today (Wednesday, March 18th, 2020) gradually until all related devices are updated. All banks, payments companies, and financial institutions issuing all bank cards are also required to make the necessary adjustments to their technological systems and get them ready to support the new purchase limit no later than March 20th, 2020.
Moreover, SAMA has ordered all acquiring banks and licensed payment service providers to work promptly with the operational support team at the Saudi Payments to ensure that their POS terminals receive the necessary update. Further, all banks and payment service providers should update their related terms and conditions as of the date of this decision and immediately notify their clients. They should also communicate, through marketing representatives, the contents of the decision to all concerned parties, including clients and merchants, and inform them of the new developments and the desired goals, as per SAMA’s instructions.
Tweet: SAMA Increases Purchase Limit for Mada Atheer to SAR 300 with No PIN Required and Directs Banks and Payments Companies to Update Their Systems Accordingly by 20/03/2020.