Regulatory Alerts2021-08-29
Amendments on E-Wallets Recharge on MADA Cards
The Saudi Central Bank (SAMA) has amended the fee structure for e-wallet recharges on MADA cards processed through the e-commerce pathway, replacing percentage-based charges with fixed caps of SAR 1.5 for Merchant Service Charges and 0.5 halala for Interchange Fees. Banks and payment service providers are required to restrict these new fixed rates exclusively to e-commerce e-wallet recharges, apply the designated Merchant Category Code (MCC), and update or clarify all relevant Merchant Service Agreements to reflect the changes prior to execution. These amendments take effect on October 1, 2021, and apply to all domestic banks, payment service companies, and Saudi Payments operating within the Kingdom.
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