The Saudi Central Bank (SAMA) announced a remarkable surge in the adoption of electronic payments across the Kingdom, with e-transactions comprising 70% of all retail consumer transactions in 2023. This significant increase from the 62% recorded just a year earlier in 2022, represents a pivotal step in Saudi Arabia’s transition towards a digital economy.
Aligned with the objectives of the Financial Sector Development Program, this achievement reflects the nation’s dedication to revitalizing its financial services. The jump to 10.8 billion electronic transactions in 2023, from 8.7 billion in the prior year, signifies the escalating trust and preference for digital payment options by both consumers and businesses.
The expansion of digital payments is credited to the collective efforts within the financial sector aimed at improving the robustness and efficiency of the country’s payment systems. By concentrating on this strategic initiative, SAMA not only enhances transactional efficiency but also reinforces the financial stability of the region.
Looking to the future, SAMA is committed to maintaining this growth trend by continuously upgrading the national payments infrastructure and enriching the spectrum of payment services available. In collaboration with various stakeholders, the central bank supports the economic landscape by facilitating convenient and secure digital payment mechanisms for the public.