Regulatory Rules for Prepaid Payment Services in the Kingdom of Saudi Arabia

Cardholder Balance Refund on Non-Reloadable Accounts If a cardholder requests redemption of the outstanding balance on a dormant or expired card, the merchant is obliged to honor the cardholder request, upon presentation of relevant ‘proof of ownership’. Such proof shall include: - Presentation of the relevant Gift Card - A receipt that may have been issued by the Merchant or Card Issuer at the point of buying such card or alike. Upon presentation of such proof, the cardholder shall be entitled to reimbursement of the ‘ net outstanding balance ’ (6) on the account. Such reimbursement may be by way of: - A re-issued gift card for (at least) the net outstanding balance - Bankers cheque - Cash (6) The net outstanding balance shall be deemed to be the value outstanding on the card following the last recorded purchase transaction, less any legitimate issuer fees (see 2.8.9 ) that may be applicable up to the time of the ‘redemption’ request.