Regulatory Alerts2018-03-19
Using MADA through INTERNET for Buying Products
The Saudi Arabian Monetary Authority (SAMA) issued this circular to authorize all domestic banks to activate MADA bank cards for online payments, effective April 1, 2018. The directive mandates that domestic e-commerce transactions be processed through the national MADA system following technical approvals, while cross-border purchases utilize international payment networks under established rules. Additionally, banks must adopt the attached pricing schedule for local transactions, ensure cardholders can manage online spending limits via electronic channels, and maintain SMS notifications in compliance with existing circulars.
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