Tomorrow, the application of the final stage of the electronic payment system will begin … Here it is

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SAMA directs banks to prepare to receive requests for installing electronic payment methods for all retail activities


The Saudi Arabian Monetary Agency “SAMA” directed banks, banks and payment services companies operating in Saudi Arabia to complete their readiness to receive requests for installing electronic payment methods for all retail sector activities; This coincides with the obligation of those activities to provide electronic payment methods, starting tomorrow 6/1/1442 AH, corresponding to 8/25/2020 AD.

The Monetary Agency indicated that this step comes in line with its strategy for the payments sector and the financial sector development program, which aims to enhance electronic payment and reduce cash handling, as a continuation of its efforts to activate the use of electronic channels by implementing an integrated digital payments strategy program to improve the level of electronic services, in addition to being A step that comes within the framework of enhancing customer service and protection, which the corporation seeks to achieve through its keenness to provide these sectors an advanced level of fair and safe treatment, and to ensure the spread of financial services at all levels.

In a circular addressed to banks, banks, payment service providers and the Saudi Payments Company, SAMA stated that the National Program for Combating Commercial Concealment, in cooperation with the Corporation, the Ministry of Municipal and Rural Affairs and the Ministry of Trade, obligated all retail sector activities in Saudi Arabia that were not previously obligated to provide electronic payment methods, starting from 6/1/1442 AH, corresponding to 8/25/2020 AD. In order to ensure the success of the efforts to activate this decision, and to ensure full readiness to keep pace with the expected volume of requests, banks, banks and payment services companies must commit to being prepared to respond to all requests to open accounts and electronic wallets for merchants working in all retail sector activities, as well as readiness to respond to all requests for installation of means Electronic payment authorized by the Monetary Agency.

The program continues to implement the stages of requiring commercial establishments to provide electronic payment methods. Its phases covered 50 commercial activities, including 70% of the retail sector, provided that the remaining 30% was required for all retail activities on 6 Muharram 1442 AH, corresponding to August 25, 2020 CE, in cooperation and coordination with the Ministry of Commerce, the Ministry of Municipal and Rural Affairs and the Saudi Arabian Monetary Agency.

The previous stages included the obligation so far in the first phase for the activity of gas stations and their associated services, the second phase included workshops and auto parts stores and related activities, and the third phase included personal services activities such as laundries, carpets, and men’s and women’s salons, while the fourth phase included groceries and supplies.

The fifth phase, which is mandatory starting from today, includes restaurants, including party and fast food restaurants, seafood, public and popular cafes, buffets, cafeterias, mobile food vending cars, and juice and ice cream shops.

Tomorrow, the application of the final stage of the electronic payment system will start .. Here is the list of activities

Previously

The Saudi Arabian Monetary Agency “SAMA” directed banks, banks and payment services companies operating in Saudi Arabia to complete their readiness to receive requests for installing electronic payment methods for all retail sector activities; This coincides with the obligation of those activities to provide electronic payment methods, starting tomorrow 6/1/1442 AH, corresponding to 8/25/2020 AD.

The Monetary Agency indicated that this step comes in line with its strategy for the payments sector and the financial sector development program, which aims to enhance electronic payment and reduce cash handling, as a continuation of its efforts to activate the use of electronic channels by implementing an integrated digital payments strategy program to improve the level of electronic services, in addition to being A step that comes within the framework of enhancing customer service and protection, which the corporation seeks to achieve through its keenness to provide these sectors an advanced level of fair and safe treatment, and to ensure the spread of financial services at all levels.

In a circular addressed to banks, banks, payment service providers and the Saudi Payments Company, SAMA stated that the National Program for Combating Commercial Concealment, in cooperation with the Corporation, the Ministry of Municipal and Rural Affairs and the Ministry of Trade, obligated all retail sector activities in Saudi Arabia that were not previously obligated to provide electronic payment methods, starting from 6/1/1442 AH, corresponding to 8/25/2020 AD. In order to ensure the success of the efforts to activate this decision, and to ensure full readiness to keep pace with the expected volume of requests, banks, banks and payment services companies must commit to being prepared to respond to all requests to open accounts and electronic wallets for merchants working in all retail sector activities, as well as readiness to respond to all requests for installation of means Electronic payment authorized by the Monetary Agency.

The program continues to implement the stages of requiring commercial establishments to provide electronic payment methods. Its phases covered 50 commercial activities, including 70% of the retail sector, provided that the remaining 30% was required for all retail activities on 6 Muharram 1442 AH, corresponding to August 25, 2020 CE, in cooperation and coordination with the Ministry of Commerce, the Ministry of Municipal and Rural Affairs and the Saudi Arabian Monetary Agency.

The previous stages included the obligation so far in the first phase for the activity of gas stations and their associated services, the second phase included workshops and auto parts stores and related activities, and the third phase included personal services activities such as laundries, carpets, and men’s and women’s salons, while the fourth phase included groceries and supplies.

The fifth phase, which is mandatory starting from today, includes restaurants, including party and fast food restaurants, seafood, public and popular cafes, buffets, cafeterias, mobile food vending cars, and juice and ice cream shops.

24 August 2020 – 5 Muharram 1442

10:18 PM


SAMA directs banks to prepare to receive requests for installing electronic payment methods for all retail activities

The Saudi Arabian Monetary Agency “SAMA” directed banks, banks and payment services companies operating in Saudi Arabia to complete their readiness to receive requests for installing electronic payment methods for all retail sector activities; This coincides with the obligation of those activities to provide electronic payment methods, starting tomorrow 6/1/1442 AH, corresponding to 8/25/2020 AD.

The Monetary Agency indicated that this step comes in line with its strategy for the payments sector and the financial sector development program, which aims to enhance electronic payment and reduce cash handling, as a continuation of its efforts to activate the use of electronic channels by implementing an integrated digital payments strategy program to improve the level of electronic services, in addition to being A step that comes within the framework of enhancing customer service and protection, which the corporation seeks to achieve through its keenness to provide these sectors an advanced level of fair and safe treatment, and to ensure the spread of financial services at all levels.

In a circular addressed to banks, banks, payment service providers and the Saudi Payments Company, SAMA stated that the National Program for Combating Commercial Concealment, in cooperation with the Corporation, the Ministry of Municipal and Rural Affairs and the Ministry of Trade, obligated all retail sector activities in Saudi Arabia that were not previously obligated to provide electronic payment methods, starting from 6/1/1442 AH, corresponding to 8/25/2020 AD. In order to ensure the success of the efforts to activate this decision, and to ensure full readiness to keep pace with the expected volume of requests, banks, banks and payment services companies must commit to being prepared to respond to all requests to open accounts and electronic wallets for merchants working in all retail sector activities, as well as readiness to respond to all requests for installation of means Electronic payment authorized by the Monetary Agency.

The program continues to implement the stages of requiring commercial establishments to provide electronic payment methods. Its phases covered 50 commercial activities, including 70% of the retail sector, provided that the remaining 30% was required for all retail activities on 6 Muharram 1442 AH, corresponding to August 25, 2020 CE, in cooperation and coordination with the Ministry of Commerce, the Ministry of Municipal and Rural Affairs and the Saudi Arabian Monetary Agency.

The previous stages included the obligation so far in the first phase for the activity of gas stations and their associated services, the second phase included workshops and auto parts stores and related activities, and the third phase included personal services activities such as laundries, carpets, and men’s and women’s salons, while the fourth phase included groceries and supplies.

The fifth phase, which is mandatory starting from today, includes restaurants, including party and fast food restaurants, seafood, public and popular cafes, buffets, cafeterias, mobile food vending cars, and juice and ice cream shops.





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