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Article 42

Date(g): 13/6/2023 | Date(h): 25/11/1444 Status: In-Force

Translated Document

Effective from Jun 13 2023 - Jun 11 2023
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 1.

The payments company shall be considered a small payments company if all of the following conditions are met:

A.It exercises one or more relevant payment services, excluding the issuance of electronic money.
B.It does not provide relevant payment services internationally to persons outside the Kingdom.
C.The average value of monthly payment transactions do not exceed ten million riyals.
 2.The payments company shall be considered a large payments company if it exercises one or more relevant payment services, excluding the issuance of electronic money, and the average value of monthly payment transactions exceeds ten million riyals.