E-payments in Saudi’s retail sector have surpassed the 60 per cent target set by the Financial Sector Development Program (FSDP), Saudi Central Bank (SAMA) reveals.
The news comes as digital payments in Saudi Arabia continue to accelerate, with e-payment methods set to proliferate, pushing the country closer to going cashless in keeping with its Vision 2030.
This accomplishment is the fruit of Saudi Arabia’s constant support and enablement of the financial sector over the past couple of years, reported the Saudi Press Agency.
A key objective of the FSDP was to promote electronic payments and convert Saudi society to a cashless society by increasing the share of non-cash transactions from 16 per cent in 2016 to 60 per cent by 2022 and a further 70 per cent by 2030.
According to its website, “the FSDP aims to develop a diversified and effective financial sector to support the development of Saudi Arabia’s economy, diversify its sources of income, and stimulate savings, finances and investments”.
Saudi Arabia has also bolstered electronic payments by advancing the financial sector’s regulatory, technical and operational outlooks.
The news agency reported that e-commerce sales through Mada, a Saudi Payment Network, shot up by 40 per cent last year compared to 2021.
In 2022, the number of point-of-sale transactions through Mada hit a whopping 7.2 billion transactions.
Online transactions through the Mada card reached 610 million transactions in 2022 witnessing a 76 per cent growth.
SAMA’s strategy to convert Saudi Arabia to a cashless society is succeeding, as evidenced by the achievements made in electronic payments.
