Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

Automated payment retrieval service to come into force soon

Automated payment retrieval service to come into force soon

Talaat Hafez, spokesman for Saudi banks, said that the Saudi Payments Company (SPC) is currently working to introduce the automated payment retrieval service for customers in the near future.
“SPC is working to prepare the National Payments System, as well as all banks and issuers of bank cards or those managing points of sale operations to provide the retrieval service via the bank card. If the customer uses Mada card, the amount will be returned immediately to the cardholder’s account in the same way it was withdrawn from the account at the time of purchase,” he said while speaking to Okaz/Saudi Gazette.

Hafez said this while replying to a question about the customer’s right to gain a refund of the amount of a product that he wants to return after the purchase. He said that the number of payment machines operating in all sales outlets all over the Kingdom until the end of last month accounted for about 560,000 devices that serve all commercial sectors.

“The increase in the number of ATMs is remarkable, especially when we know that at the end of last year the number of these devices was about 438,000,” he said.

Through a network of most advanced global technical payment systems, Mada connects all automated teller machines (ATMs) and point of sale (POS) terminals. The move gains more significance with the enforcement of mandatory electronic payment methods from Tuesday, Aug. 25, for all retail activities in the Kingdom.

Under the initiative, retail stores and outlets shall make available electronic payment methods for customers in all their outlets and thus bringing down transactions in cash. In the initial five phases, 50 commercial activities, which included 70 percent of the Kingdom’s retail sector, were covered.

The remaining 30 percent of all retail activities came under the electronic payment services effective from Aug. 25. These included sectors of furniture, building materials, accessories, clothes, gas, vegetables, fruits and sewing sectors.

Regarding the normal period of time that takes to make available of a payment machine, Hafez said: “Traditionally, the service was previously provided only by local banks. Later, this service was made available to companies involved in financial technology and digital payments, thanks to some legislative amendments introduced recently by the Saudi Arabian Monetary Authority (SAMA), in line with the objectives of the Financial Sector Development Program.”

He said that the service has also been made available to merchants by concluding direct contracts with them and this is to keep pace with the expected and growing demand for these services as well as to avoid any delay in installing the service. “All these efforts have resulted in the number of service providers at present reaching 13 banks and seven financial technology companies,” Hafez added.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×