contactless payments<\/a> and mandatory acceptance of electronic payments at retail stores are among the key drivers of the payment card market growth.\u201d<\/span><\/p>\nThe card payment value in the country soared by 29.80 per cent in 2021 and 17.30 per cent last year, following significant improvements in economic conditions and higher consumer spending.<\/span><\/p>\nWhen it comes to card preferences, debit cards represented 89 per cent of the overall Saudi card payment value in 2022, according to GlobalData.<\/span><\/p>\nThe Saudi card payments market is forecast to grow at a compound annual growth rate of 10.20 per cent between 2023 and 2027, poised to reach SAR 785.80 billion ($209.50 billion) at the end of the period, Global Data suggests.<\/span><\/p>\nThe government of Saudi Arabia seeks to minimise the country’s dependence on cash, in addition to promoting electronic payments and encouraging payment innovation. It is also focusing on increasing the share of e-payments to 70 per cent of all transactions by 2025 in keeping with Vision 2030.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"The Saudi card payments market can reach SAR 532.10 billion, driven by factors like an increasing preference for e-payments and the government\u2019s push for Vision 2030. according to GlobalData<\/p>\n","protected":false},"author":40,"featured_media":23133,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1],"tags":[2090,1093,2683],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23190"}],"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=23190"}],"version-history":[{"count":2,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23190\/revisions"}],"predecessor-version":[{"id":23192,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23190\/revisions\/23192"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/23133"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=23190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=23190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=23190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}