Regulatory Alerts2021-09-21
QR Code Technology
The Saudi Central Bank requires all entities that previously launched QR Code payment services to comply with established technical and commercial standards, complete licensing procedures through Saudi Payments by the end of 2021, and conduct necessary pilot tests. The directive mandates interoperability among licensed banks and fintech companies while ensuring multiple payment options align with ongoing sector developments. Providers must contact the Saudi Payments Licensing Center via email to finalize their onboarding and adhere to the centralized payment environment framework.
To All Stakeholders
Dear Sirs,
Peace, mercy, and blessings of God be upon you.
Based on the authorities granted to the Central Bank under the Saudi Central Bank System issued by Royal Decree No. (36/M) dated 11/4/1442 AH, and referring to the Council of Ministers Decision No. 226 dated 2/5/1440 AH, which confirms that the Saudi Central Bank is the competent authority by law to operate financial systems and services in the Kingdom and supervise them.
We inform you that the Saudi Payments working team has been working during the past period on a project to develop the payments environment through QR Code technology, which is one of the projects aimed by the Central Bank to enhance operations.
The team has initiated payment system interoperability among participants in this vital sector, including licensed banks and fintech companies in the Kingdom, and is seeking to offer multiple payment options consistent with the developments the payments sector in the Kingdom is undergoing in this field.
Accordingly, the Central Bank wishes to confirm that all entities that launched the service previously must comply with applying and implementing the technical and commercial requirements and standards related to the payment environment associated with this project, and conduct the necessary pilot tests.
By completing the licensing procedures with Saudi Payments before the end of the current year 2021, and by contacting the relevant team at the Saudi Payments Licensing Center via email (onboarding@saudipayments.com).
Yours sincerely,