Saudi Arabia has made it mandatory for the retail sector in the Kingdom to provide electronic payment methods to customers since 25th Aug, Saudi Gazette reported. The Ministry of Commerce will carry out field visits within the scope of its authority, ensure the availability of electronic payment services, and even crack down on violations and impose penalties.
Saudi Arabia has forced retailers to provide electronic payment methods to customers since August 25th.
Why will Saudi Arabia force the retail sector to provide electronic payment?
The move is in line with the implementation of the National Program to Combat Commercial Cover-up (tasattur), and make further steps to reduce cash circulation, eliminate the shadow economy, upgrade the level of electronic services, protect consumers and create a cashless society.
In fact, Sweden, Finland, Singapore, India, and other countries are vigorously promoting electronic payment, ambitious to create a cashless society, and see it as an important means to save social resources. Thus, what exactly the role would Saudi Arabia electronic payment play in promoting social development?
1. Saving social resources, reducing social costs, and reducing environmental damage would be the first role.
A lot of resources will be consumed in printing and circulation of cash, and cause social costs in transportation and transactions. On the contrary, e-payment is conducive to saving social resources as it merely relies on electronic devices, bank cards these media for digital information transmission and transactions.
2. Next, electronics can reduce the spread and infect bacteria.
At the early break of the pandemic, the World Health Organization (WHO) said “it’s possible” for the virus to spread through banknotes, and advised countries to switch to contactless payment. Because cash goes through countless environments and people in circulation, bacteria will easily attach and spread.
3. Last but not least, it will be safer for consumers to use the e-payment method as it can reduce the risk of steal and theft in Saudi Arabia.
Banknotes, coins, and other currencies are prone to being lost or stolen while being carried. By contrast, e-payment is more secure as it can rely on a password or biometric feature to make verification.
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Meanwhile, Telpo products can also support the tax control function, which is conducive to monitoring the retail sector to standardize the transaction process, reduce counterfeit money, strengthen anti-money laundering, and further accelerate the construction of a cashless society.
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