1.2.2. The Acquirer
| No: م أ ق/15631 | Date(g): 4/6/2012 | Date(h): 15/7/1433 |
Effective from Jan 31 2025 - Jan 30 2025
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An acquirer of prepaid payment service is a regulated licensed bank, according to the Banking Control Law, issued by Royal Decree, No. M/5 Dated 22.2.1386 H. The acquiring business is governed by the SPAN Scheme Regulations; an acquirer can be either an ATM acquirer or a POS (merchant) acquirer or both.
An ATM acquirer is a regulated bank which is a member of SPAN and which has entered into an agreement with SAMA to acquire ATM transactions.
The POS (Merchant) Acquirer is a regulated bank which is a member of SPAN and which has entered into an agreement with SAMA to acquire Point-Of-Sale (POS) transactions & an agreement with The Merchant to provide him with POS service.