The Saudi Central Bank, known as SAMA, recently disclosed an impressive uptick in digital transactions within the retail sector. Astonishingly, electronic payments now make up a whopping 70% of all retail transactions as of 2023, marking a significant climb from the previous year’s 62%.
This remarkable growth is largely the result of a surge in usage of the nation’s payment systems, with figures showing an increase from 8.7 billion transactions in 2022 to 10.8 billion in the following year. The Kingdom of Saudi Arabia has embraced a concerted push towards electronic payment systems, leveraging a strategic alliance across the financial sector to foster this rapid adoption.
Thanks to an evolving payment infrastructure that is both cost-effective and dependable, transactional efficiency has been greatly enhanced, bolstering the country’s financial stability in the process. SAMA is committed to continuing this trajectory, focusing on the expansion of the national payments framework and improving payment services. In partnership with various entities, it also aims to simplify economic transactions for consumers and businesses alike.