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SAMA: eStores are Required to Refund the Customers Once the Transaction is Declined

SAMA has clarified that online stores are obliged to return the purchase money via “MADA” within 24 hours.

The Saudi Arabian Monetary Agency (SAMA) obligated online stores to cancel sales and return the purchase amount to the buyers’ accounts immediately after receiving the cancellation requests.

The Foundation indicated that if the purchase amount was paid via the Mada Card, the amount should be returned to the customer directly within 24 hours, and in the event that he had to pay by credit cards, the amount should be refunded within 14 days, at the latest.

SAMA confirms that the consumer has the right to contact the merchant to find out the cancellation status and the request for raising the request to the bank.

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