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

Effective from Oct 01 2021 - Sep 30 2021
To view other versions open the versions tab on the right

Based on the powers vested to SAMA under its law issued by Royal Decree No. M/36 dated 11/04/1442 and the Banking Control Law issued by Royal Decree No. M/5 dated 22/02/1386, and the Council of Ministers Resolution No. 226 dated 02/05/1440, and referring to Circular No. 391000075005 dated 02/07/1439 regarding the availability of online purchase services via Mada bank cards, which included a pricing model for electronic commerce transactions via Mada.

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 Halala), 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, effective from 01/10/2021.