Saudi Arabia’s central bank, SAMA, reports a major jump in electronic payments for everyday purchases. In 2023, these transactions reached 70% of all retail payments, up from 62% the year before. This achievement aligns with a key goal of the Financial Sector Development Program.
The growth is linked to a significant rise in transactions processed through Saudi Arabia’s national payment systems. In 2023, these systems handled 10.8 billion transactions, compared to 8.7 billion in 2022.
This rapid shift towards digital payments is credited to a collaborative effort across the financial sector. The increasing popularity of electronic payments can be attributed to their convenience, affordability, and reliability, which contribute to smoother transactions and a more stable financial system.
SAMA remains committed to expanding payment options and promoting digital transactions. They plan to further develop the national payments infrastructure and enhance related services. By working with partners, they aim to further streamline economic activity in the Kingdom.
