SAMA licenses the payments service provider to practice one or more of the following services when conducted as a business or as usual:
(1)
Services enabling Funds to be deposited on a Payment Account as well as all the operations required for operating a Payment Account;
(2)
Services enabling cash withdrawals from a Payment Account as well as all the operations required for operating a Payment Account;
(3)
Execution of Payment Transactions, including Credit Transfers on a Payment Account with the user’s Payment Service Provider or with another Payment Service Provider, which include the following:
(a)
Execution of Direct Debits, including one-off direct debits;
(b)
Execution of Payment Transactions through a payment card or a similar digital device; and
(c)
Execution of Credit Transfers, including standing orders.
(4)
Execution of Payment Transactions where the Funds are covered by a credit line for a Payment Service User:
(a)
Execution of Direct Debits, including one-off direct debits;
(b)
Execution of Payment Transactions through a payment card or a similar device; and
(c)
Execution of Credit Transfers, including standing orders.
(5)
Issuing of Payment Instruments;
(6)
Payee transactions Acquiring;
(7)
Payment Aggregation Services;
(8)
Issuing Electronic Money (by opening e-wallets or otherwise);
(9)
Payment Initiation Services; and
(10)
Payment Account Information Services.
(11)
Payment Account Service.
(12)
Any other service that SAMA may decide to consider as a payment service.
