{"id":22644,"date":"2023-04-12T15:22:18","date_gmt":"2023-04-12T15:22:18","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=22644"},"modified":"2023-04-12T15:23:20","modified_gmt":"2023-04-12T15:23:20","slug":"saudi-e-payment-retail-sector","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/04\/12\/saudi-e-payment-retail-sector\/","title":{"rendered":"Saudi Arabia: e-payments share in retail sector exceeds target"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\">E-payments in <a href=\"https:\/\/www.meretailnews.com\/2023\/03\/20\/saudi-arabias-e-commerce-market-to-hit-20-billion-in-2027\/\">Saudi&#8217;s retail sector<\/a> have surpassed the 60 per cent target set by the Financial Sector Development Program (FSDP), Saudi Central Bank (SAMA) reveals.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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 <a href=\"https:\/\/www.vision2030.gov.sa\" target=\"_blank\" rel=\"noopener\">Vision 2030<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This accomplishment is the fruit of Saudi Arabia\u2019s constant support and enablement of the financial sector over the past couple of years, reported the\u00a0<\/span><em><span data-preserver-spaces=\"true\">Saudi Press Agency<\/span><\/em><span data-preserver-spaces=\"true\">.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0According to its website, \u201cthe FSDP aims to develop a diversified and effective financial sector to support the development of Saudi Arabia&#8217;s economy, diversify its sources of income, and stimulate savings, finances and investments&#8221;.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Saudi Arabia has also bolstered electronic payments by advancing the financial sector\u2019s regulatory, technical and operational outlooks.\u00a0 \u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The news agency reported that e-commerce sales through <a href=\"https:\/\/www.mada.com.sa\/en\/content\/glance-saudi-payment-network-span\/38?language_content_entity=en\" target=\"_blank\" rel=\"noopener\">Mada<\/a>, a Saudi Payment Network, shot up by 40 per cent last year compared to 2021.\u00a0 \u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In 2022, the number of point-of-sale transactions through Mada hit a whopping 7.2 billion transactions.\u00a0 \u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Online transactions through the Mada card reached 610 million transactions in 2022 witnessing a 76 per cent growth.\u00a0 \u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">SAMA\u2019s strategy to convert Saudi Arabia to a cashless society is succeeding, as evidenced by the achievements made in electronic payments.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Online payments in Saudi Arbai retail sector have reached the 60 per cent target set by the Financial Sector Development Program <\/p>\n","protected":false},"author":40,"featured_media":22277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1],"tags":[4828,2683],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/22644"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=22644"}],"version-history":[{"count":3,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/22644\/revisions"}],"predecessor-version":[{"id":22647,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/22644\/revisions\/22647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/22277"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=22644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=22644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=22644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}