Saudi banks to fine retailers for not accepting credit cards

Saudi Arabia’s commerce and investment ministry plans to impose fines on retail shops that refuse to accept credit cards payments, Okaz newspaper reported, citing Talaat Hafez secretary-general of the Media and Banking Awareness Committee of Saudi Banks.

The merchant service agreements include that retailers should accept all credit cards, as well as Mada debit cards.

According to data compiled by Argaam, credit card loans rose 7 percent year-on-year to SAR 10.96 billion by the end of 2016.

Credit card transactions in the Kingdom increased to 542,830 transactions in 2016 compared to 443,300 a year earlier.