According to the decision, SAMA has directed the Saudi Payments subsidiary to start making the required adjustments starting from today (Wednesday, March 18th, 2020) gradually until all related devices are updated. All banks, payments companies, and financial institutions issuing all bank cards are also required to make the necessary adjustments to their technological systems and get them ready to support the new purchase limit no later than March 20th, 2020.
Moreover, SAMA has ordered all acquiring banks and licensed payment service providers to work promptly with the operational support team at the Saudi Payments to ensure that their POS terminals receive the necessary update. Further, all banks and payment service providers should update their related terms and conditions as of the date of this decision and immediately notify their clients. They should also communicate, through marketing representatives, the contents of the decision to all concerned parties, including clients and merchants, and inform them of the new developments and the desired goals, as per SAMA’s instructions.
The SAMA has called all the banks to start making adjustments starting from 18th March 2020 until all the related devices are updated by March 20th 2020, The decision is applicable on all banks and financial institutions bank cards of the Kingdom of Saudi Arabia.
The total purchase limit at POS terminals is going to remain at 300 Saudi Riyals, The SAMA confirms its keenness to protect the safety of digital payment users and to serve the public interest.
This Mada atheer service now allows its card holders to make their payments by just waving the card in front of the point of sale device, The card will automatically deduct the entered amount, This services are allowed transaction of SR 300 or less from 20th March on wards.