SAMA extends support program for POS, e-commerce fees

The Saudi Arabian Monetary Authority (SAMA) extended the support program for point-of-sales (POS) and e-commerce fees across all private sector establishments for additional 3 months ending on Sept. 14, 2020.

The decision comes within the framework of SAMA’s role to enable the financial sector and support the private sector, in order to mitigate the economic and financial impact under current circumstances.

SAMA informed all banks and payment service providers licensed to exempt the private sector’s stores from operating fees for the period.

The program aims to support the Kingdom’s e-payment services ecosystem, as well as to ensure growth, safety and effectiveness.

In March, SAMA announced a program to cover payment fees for all private sector stores and facilities for a period of 3 months by providing a funding of over SAR 800 million, Argaam reported.