- Sama instructs banks to make arrangements
Riyadh - The Saudi Arabian Monetary Authority (SAMA), the central bank, has asked banks and payment service companies operating in the country to make point-of-sale equipment available to retailers. E-payments will be mandatory at retail outlets across the country from the 25th of this month. In this context, Sama has directed the banks and payment service companies to complete the necessary preparations in view of the large number of applications for the installation of e-payment systems.
The National Anti-Benami Business National Program has decided to make the e-payment system mandatory for all retailers from the 25th of this month. It is being implemented in collaboration with the Ministry of Municipal and Rural Affairs, the Ministry of Commerce and the Saudi Arabian Monetary Authority.
In his directive to banks and payment service companies, Sama demanded that arrangements be made to open accounts and e-wallets for all merchants operating in the retail sector and to set up e-payment systems.
E-payments have been mandatory since the end of last month in nine areas, including buffets, restaurants and coffee shops. Since the 28th of last month, online has been linked to nine sectors: restaurants, local cafes, buffets, food vendors, food preparation companies, juice and ice cream shops, seafood shops, fast food restaurants and coffee shops.
Earlier, the e-payment system was mandatory for car repair workshops, establishments, laundries and barber shops, including ladies' beauty parlors, bazaars, mini-markets, petrol banks, car workshops-spare parts shops-auto upholstery works. The National Anti-Benami Program said that users can lodge complaints about companies that do not provide e-payment facility by calling 1900 or through an app launched by the Ministry of Commerce.
E-payment systems are being made mandatory with the aim of ending the benami business trend and reducing cash transactions.
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