Regulatory Alerts2022-06-13
The Unified Pricing Model for Point-of-Sale and E-Commerce Services
The Saudi Central Bank (SAMA) mandates that banks and payment service providers implement the Unified Pricing Model for Point-of-Sale and E-Commerce transactions conducted on Mada cards and electronic wallets across money transfer, currency exchange, and international transfer centers. Financial institutions must verify their compliance with this pricing framework and apply it uniformly to all eligible transaction channels as outlined in the 19 April 2020 circular. SAMA requires these entities to submit their compliance confirmation by no later than 15 June 2022 through the designated payment systems oversight email address.
2 Peace be upon you, and the mercy of Allah and His blessings,
Reference is made to the Saudi Central Bank circular communicated via email on 19 April 2020 regarding the Unified Pricing Model covering Point-of-Sale and E-Commerce services for transactions conducted on Mada cards at money transfer centers, currency exchange centers, and electronic wallet transactions.
Accordingly, you are requested to confirm your compliance with the aforementioned circular and ensure that banks and payment service providers apply the Unified Pricing Model covering Point-of-Sale (POS) and E-Commerce services for transactions conducted on Mada cards at all money transfer centers (money transfer/currency exchange), money transfer centers, and international money transfers conducted on electronic wallets. Please provide this information to us by no later than Wednesday, 15 June 2022, via email at SA.GOV.SAMA@PaymentSystemsOversight.
Yours sincerely,
W.SAMA.GOV.SA