22 July 2012
RIYADH - The Saudi Arabian Monetary Agency (SAMA) issued the "rules for prepaid services in the Kingdom", which lay down the regulatory framework for the said services, the Saudi central bank said in a statement Saturday.
The rules are in line with the Agency's plan to spread e-banking services.
Under ther rules, local banks will provide prepaid services to interested clients after the latter open a bank account, deposit an amount, and issued an electronic cash card which is used for purchasing commodities and services.
The same electronic card can also be used to obtain cash or inquire about the client's balance through automated teller machines (ATMs).
SAMA said there are several kinds of cards that can be issued under these services, like salary cards, family cards, and students' cards.
Students can obtain cards linked with the education institutions where they are enrolled.
SAMA said in the first stage it would focus on cards for open use and that can be accepted in all ATMs and sales points. In a subsequent stage, it will provide restricted services that allow the use of these cards in specific machines - private or public - like public transport cards and shop cards.
RIYADH - The Saudi Arabian Monetary Agency (SAMA) issued the "rules for prepaid services in the Kingdom", which lay down the regulatory framework for the said services, the Saudi central bank said in a statement Saturday.
The rules are in line with the Agency's plan to spread e-banking services.
Under ther rules, local banks will provide prepaid services to interested clients after the latter open a bank account, deposit an amount, and issued an electronic cash card which is used for purchasing commodities and services.
The same electronic card can also be used to obtain cash or inquire about the client's balance through automated teller machines (ATMs).
SAMA said there are several kinds of cards that can be issued under these services, like salary cards, family cards, and students' cards.
Students can obtain cards linked with the education institutions where they are enrolled.
SAMA said in the first stage it would focus on cards for open use and that can be accepted in all ATMs and sales points. In a subsequent stage, it will provide restricted services that allow the use of these cards in specific machines - private or public - like public transport cards and shop cards.
© The Saudi Gazette 2012
