SAMA directs to provide e-payment facility for retail activities

The Saudi Arabian Monetary Authority (SAMA) directed banks and payment services companies operating in the Kingdom to get ready for receiving requests for installing electronic payment facility for all retail activities, in conjunction with their obligation to provide e-payment services.

The step comes in line with the authority’s payments sector strategy and the Financial Sector Development Program, which aims to promote electronic payment and reduce cash handling, SAMA said in a statement.

In a circular to banks, payment service providers and Saudi Payments Co., SAMA indicated that the National Program for Combating the Commercial Concealment, in cooperation with the authorities, the Ministry of Municipal and Rural Affairs and the Ministry of Commerce, has mandated all retail activities in the Kingdom to provide electronic payment methods, starting from August 25, 2020.

In July 2019, the National Program for Combating the Commercial Concealment determined a six-stage timeline for all sales outlets to provide electronic payment methods in a phased manner to all sectors. The decision will be fully implemented on all commercial activities starting from August 25, 2020.