Saudi Arabia’s central bank, SAMA, has unveiled updated credit card regulations aimed at boosting transparency and reducing costs for consumers. Among the key changes are capped — or entirely waived — merchant service fees for e‑wallet top‑ups using Mada-linked credit cards. Previously, users were often hit with steep percentage-based charges, but under the new rules customers can now enjoy top‑ups with fixed, minimal fees.
Clear upfront disclosure of all fees and APRs is another requirement of the updated legislation. Credit card issuers are required to provide simple “card agreement summaries” and include prominent red‑flag warnings in marketing materials and contracts. They must transparently calculate APRs, factoring in all administrative charges, and cap fees for cash advances and late payments — aligning with international best practices.
These reforms come as part of Saudi Arabia’s broader push toward a cashless economy under Vision 2030, where digital payments now represent nearly 57% of all transactions and credit card lending recently hit a record SR 31.4 bn in 2024. The move is set to empower consumer choice, protect users, and promote wider acceptance of e‑wallets and cards.
Digital wallet providers and banks are preparing to connect their systems with the October 2021 e-wallet charge caps (interchange SAR 0.50, Mada top-up merchant fee max SAR 1.50). This guarantees more cost-effective and user-friendly credit card top-ups for digital wallets such as STC Pay, UrPay, and others.
