2.1.1. Reloadability
| No: م أ ق/15631 | Date(g): 2/5/2012 | Date(h): 11/6/1433 |
Effective from Jan 31 2025 - Jan 30 2025
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The regulatory principle presented herein governs both reloadable and non-reloadable prepaid payment service products.
| a. | Non-reloadable prepaid payment service. A prepaid payment service is non-reloadable if it has no mechanism for having additional funds added to the initial balance after the initial issuance. | ||
| b. | Reloadable prepaid payment service. A prepaid payment service is reloadable if it has the ability of having more funds added after the initial issuance. |
It is at the discretion of the prepaid Issuer to determine whether a prepaid product should be reloadable or non-reloadable (noting that re-loadable cards are subject to more rigorous KYC and AML requirements).
Common to both reloadable and non-reloadable prepaid services is that there is a deposit account that holds the available balance on the account until such a time as it is redeemed through spend against the balance or a cash withdrawal, when this service is allowed.