Article 6
| No: 000044093096 | Date(g): 13/6/2023 | Date(h): 24/11/1444 | Status: In-Force |
Effective from Jun 13 2023 - Jun 12 2023
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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. | |||