RIYADH — Saudi Arabian Monetary Authority (SAMA) has issued on Wednesday directive to banks to raise the purchase limit of "Mada Atheer" service from SR100 to SR300 without entering the PIN. The service allows cardholders to make their payments by waving the card in front of the point of sale terminal. Cardholders' bank account will be directly debited. The service is for low-value transactions of SR100 or less with the total cumulative amount of SR300. According to the circular issued by SAMA, all local banks shall take operational and technical measures to implement the changes required to raise the allowed limit from SR100 to SR300 per operation, while maintaining the required cumulative limit at SR300. The local banks and point of sale payment service providers, in cooperation with the concerned Saudi authorities, have to work from Wednesday, March 18, to apply the required technical changes to their systems to offer the service. It is noteworthy that Mada Atheer has witnessed a tremendous response by its customers since its launch, and this service made up 78 percent of the total electronic payment transactions that were implemented through point of sale devices in the first two months of 2020. This decision comes within the framework of a set of precautionary measures that SAMA has taken to stem the spread of coronavirus infection and this contributes to maintaining the safety of all customers using electronic payment tools.
