Saudi Arabia’s E-Payment Adoption Soars

Digital Transactions Mark a Shift in Consumer Behavior

The Kingdom of Saudi Arabia has experienced a marked increase in the uptake of retail consumer electronic payments, achieving a significant 70 percent of total transactions in 2023, a substantial rise from the 62 percent recorded the previous year, according to the latest data.

Information released by the Saudi Central Bank, known as SAMA, credits this leap to the heightened activity of transactions processed through the nation’s payment systems, with an impressive 10.8 billion transactions in 2023 compared to 8.7 billion a year earlier.

This surge is in line with the Financial Sector Development Program’s goals, where retail consumer electronic payments are a critical measure of success. The program is a cornerstone of the ambitious Saudi Vision 2030, targeting the creation of a diverse and effective financial services sector that propels the country’s economic expansion.

These developments are a testament to SAMA’s continuous efforts to diversify payment options and promote digital transactions by advancing the national payments infrastructure and refining associated services.

Moreover, the central bank has committed to maintaining collaborative efforts with its partners to streamline economic activities.

The Kingdom’s financial sector has seen rapid advancement in e-payment adoption, propelled by a unified and strategic approach within the financial community. This shift towards digital platforms contributes to transactional efficiency and reinforces financial stability.

In a recent statement, a high-ranking official from the central bank indicated that the fintech sector within Saudi Arabia is flourishing. The current proportion of digital payments echoes the kingdom’s goal of reaching a 70 percent digital transaction rate by 2025.

The inauguration of the Seamless Saudi Arabia 2023 digital conference in Riyadh was a platform where Khalid Al-Dhaher, vice governor for supervision and technology at SAMA, underscored the growth of the financial sector since the introduction of Vision 2030. “We have witnessed a significant increase in the number of financial technology companies, reaching 183 companies by the end of the second quarter of 2023. This achievement represents 80 percent of the target set for the year 2025, which is 230 companies,” he noted.

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