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2-1-A Closed loop Prepaid Payment Services

No: م أ ق/15631 Date(g): 4/6/2012 | Date(h): 15/7/1433
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Effective from Feb 28 2025 - Feb 27 2025
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A close loop prepaid products may or may not be  reloadable. Closed loop prepaid payment services are not allowed to provide cash withdrawal  functionality at ATMs or transfer of funds into a bank account.

An issuer (refer to 1.2.1 Issuing Programme Manager) proposing to operate closed loop prepaid programme must seek SAMA’s “no objection” to  the proposed programme at a contracting entity level.

A closed loop prepaid payment service issued in the Kingdom is not allowed to provide cross- border payment functionality, unless permitted by SAMA.