Posted by : Aahil Shaik Tuesday, August 25, 2020
Electronic Payment method is now must in all Retail Sector outlets of Saudi Arabia
Starting 25th August, Electronic payments system is compulsory in all retail activities as per the regulation of Saudi Arabian Monetary Authority (SAMA). Trending : Saudi Arabia has seen decrease in Traffic accidents related injuries and deaths
SAMA has already given advanced notice of the new regulation to banks and payment services companies of Saudi Arabia to facilitate the installation of electronic payments gadgets in the retail sector outlets.
- The aim of the regulation is allowing consumers to use the e-payment methods in all outlets and reduce the circulation of cash. Recommend : Is Employer responsible for visitor's insurance, Health council answers
- The Ministry of Commerce to conduct field inspection rounds to monitor the commitment of all retail sector establishments to provide and use electronic payment methods to receive and initiate consumer notifications in the event of unavailability from the service, and to apply the maximum penalties to non-compliant establishments.
- The previous stages of decision included in the 1st phase the activities of gas stations and their related services, the 2nd phase included workshops and auto parts stores and related activities, and the 3rd phase included the activities of personal services such as laundries, carpets, and men's and women's salons, while the 4th phase included groceries and supplies.
- The 5th phase also included restaurants, including party catering restaurants, fast food, seafood, public and popular cafes, buffets, cafeterias, mobile food vending machines, and juice and ice cream shops.
- The 6th and final phase includes activities of selling meat and poultry, selling vegetables and fruits, bakeries, sewing shops, selling textiles and curtains, selling furniture, works and installing decorations, selling and maintaining electrical and electronic devices, selling luxuries, clothes and accessories, selling gas, selling building materials, plumbing and electricity, And all retail activities that are not pre-obligated. See Also : Allowing Saudi citizens and their non-Saudi spouses, children and domestic workers from neighboring countries