Article 1
Effective from Jan 31 2025 - Jan 23 2025
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(1) The terms and expressions mentioned in these rules shall have the meanings specified for them in the Law of Payments and Payment Services and its Implementing Regulations.
(2) For the purpose of applying the provisions of these rules, the following words and expressions shall have the meanings indicated opposite each of them wherever they appear in these rules, unless the context requires otherwise:
| SAMA: | Saudi Central Bank |
| The Rules: | Rules for Electronic Wallets |
| The Company: | An entity licensed as a large electronic money company or a small electronic money company. |
| Electronic Wallet: | A service provided by the electronic money company to a payments services user for the purpose of issuing, storing, and managing electronic money. |
| Freelancer Certificate Holder: | A person who provides their services on a personal basis (per hour, day, or task) instead of working for an employer on a regular salary basis. |
| Minor: | Any male or female under the age of eighteen (Hijri calendar). |
| The Guardian: | The individual responsible for managing the affairs of a minor and representing them, as defined by the Family Law. |
| The Custodian: | The individual responsible for managing the affairs of a minor and representing them, as defined by the Family Law. |
| The Caretaker: | A person designated by a custody decree, authorizing them to receive funds allocated for the ward from governmental or private entities, such as allowances or rewards. |
| Public Benefit Committees: | Committees licensed by local government authorities serving the public, such as Patients Friends Committees, persons with disabilities and the blinds, and awards for academic excellence. |
| Endowment (Waqf): | An endowment registered by the General Authority for Awqaf, including public, private (family), and joint endowments as defined by the competent. |