Article 6
| No: 000044093096 | Date(g): 13/6/2023 | Date(h): 24/11/1444 | Status: In-Force |
Translated Document
Effective from Jun 13 2023 - Jun 12 2023
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SAMA licenses a payment service provider to provide one or more of the following services when carried out as a commercial business or on a regular basis:
| 1. | Services that allow funds to be deposited into a payments account, in addition to all activities required to operate a payments account. | |||
| 2. | Services that allow cash withdrawals from the payments account, in addition to all the activities required to operate the payments account. | |||
| 2. | Carry out payment transactions, including transferring funds on a payment account with the user’s payment service provider or with another payment service provider, including the following: | |||
| A. | Implementing direct debits, including one-time direct debits. | |||
| B. | Executing payments through a payment card or any similar digital device. | |||
| C. | Executing money transfers, including standing orders. | |||
| 4. | Carry out payments where funds are covered by a payment service user's limit of credit, including the following: | |||
| A. | Implementing direct debits, including one-time direct debits. | |||
| B. | Executing payments through a payment card or any similar payment instrument. | |||
| C. | Executing money transfers, including standing orders. | |||
| 5. | Issue payment instruments. | |||
| 6. | Host payments. | |||
| 7. | Aggregate Payment service. | |||
| 8. | Issue electronic money, whether by opening electronic wallets or otherwise. | |||
| 9. | Payment creation services. | |||
| 10. | Payments account information services. | |||
| 11. | Payments account services. | |||
| 12. | Any other service that SAMA determines to consider a payment service. | |||