Regulatory Alerts2020-10-05
Preparations in providing electronic payment methods for the grocery sector
The Saudi Arabian Monetary Authority requires all banks, financial institutions, and payment service providers to fully prepare for processing electronic payment requests from grocery and provisioning retailers by opening bank accounts, issuing e-wallets, and accepting POS or QR code transactions through all available channels. Providers must utilize the designated Merchant Category Code 5411, comply with relevant regulatory and operational rules, and internally circulate the directive to ensure staff readiness for incoming requests. This mandate operationalizes a national program obligation effective May 10, 2020, aimed at accelerating cash-to-digital transitions and mitigating pandemic-related transaction impacts.
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