Regulatory Alerts2023-11-09
Enhance Electronic Payment
The Payment Systems Authority, in coordination with the Ministry of Municipal and Rural Affairs and the Ministry of Commerce, has mandated all grocery stores and supply shops in Saudi Arabia to accept electronic payments starting May 10, 2020. Banks and payment service providers must prepare to process account and e-wallet openings, handle authorized POS and QR code requests via all customer channels, and apply the specific Merchant Category Code 5411. Internal staff briefing is required to ensure seamless handling of merchant requests and inquiries in line with regulatory standards.
Share