Posted by : Aahil Shaik Thursday, March 19, 2020
SAMA increases the Purchase Limit of MADA Atheer card at POS to 300 Riyals with No Pin required
The Saudi Arabian Monetary Authority (SAMA) has issued an order to the Kingdom banks to increase the purchase limit at point of sale from SR 100 to 300 Saudi Riyals on a single transaction of 'Mada' Atheer service cards without entering the PIN number. Trending : SAMA calls all banks to work remotely
This step comes in line with SAMA’s supervisory and regulatory role and its activity to implement the precautionary and preventive measures issued by the competent authorities to stop and combat the spread of the deadly novel coronavirus (COVID-19). Recommend : KSA suspends all international flights from March 15th till 2 weeks
- The SAMA has called all the banks to start making adjustments starting from 18th March 2020 until all the related devices are updated by March 20th 2020, The decision is applicable on all banks and financial institutions bank cards of the Kingdom of Saudi Arabia.
- The total purchase limit at POS terminals is going to remain at 300 Saudi Riyals, The SAMA confirms its keenness to protect the safety of digital payment users and to serve the public interest. Read : Saudi Arabia now allows to purchase online using debit cards
- This Mada atheer service now allows its card holders to make their payments by just waving the card in front of the point of sale device, The card will automatically deduct the entered amount, This services are allowed transaction of SR 300 or less from 20th March on wards.