Amendments on E-Wallets Recharge on MADA Cards
| No: 43006158 | Date(g): 29/8/2021 | Date(h): 21/1/1443 | Status: In-Force |
Translated Document
Based on the powers vested to SAMA under its law issued by Royal Decree No. M/36 dated 11/04/1442 H and the Banking Control Law issued by Royal Decree No. M/5 dated 22/02/1386 H, and the Minister Council Decision No. 226 dated 02/05/1440 H, and referring to Circular No. 391000075005 dated 02/07/1439 H regarding the use of MADA bank cards for buying products through Internet, which included a pricing model for MADA e-commerce transactions.
We would like to inform you that the fees for charging e-wallets with Mada cards via the e-commerce channel have been amended as follows:
| - | The Merchant Service Charge is set as a fixed fee of up to (1.5 SAR), instead of the previous fee which was set at 1.75% of the transaction value. |
| - | The Interchange Fee is set as a fixed fee of (50 Halalas), instead of the previous fee which was set at 0.70% of the transaction value. |
SAMA emphasizes that banks and payment service providers must comply with the following instructions:
| - | The use of the above-mentioned fees is limited to charging e-wallets with Mada cards via the e-commerce channel. |
| - | It is required to use the MCC classification code: (6540) when providing the e-wallet charging service with Mada cards via the e-commerce channel. |
| - | Clarify the details of all fees in the new Merchant Service Agreements and update the current agreements accordingly, ensuring that the merchant accepts them before signing. |
For your information and action accordingly as of 01/10/2021G.