On Tuesday, Al Rajhi Bank began imposing fees on charging electronic wallets, with fees reaching 75 riyals in addition to 11.25 riyals on all credit cards.
The bank explained that the fees will be applied to all electronic wallets, such as stcpay, which is the most affected.
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On the other hand, the Saudi National Bank retreated from imposing fees on charging electronic wallets, after announcing them in order to take advantage of competition.
According to the National Bank, it will continue to provide the service of charging e-wallets for free, without imposing any fees, and under the campaign: “Recharge, withdraw and transfer your money, all without fees.”
It is expected that the imposition of the new fees will affect the use of electronic wallets in the Kingdom of Saudi Arabia, as these wallets are among the well-known payment methods in the country.
stcpay is the largest operator of e-wallets in the Kingdom of Saudi Arabia, with a market share of about 50%.
stcpay is expected to be greatly affected by the imposition of the new fees, as many of its users use credit cards to recharge wallets.
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2024-01-04 16:43:01
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