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This is in addition to progress in the regulatory, technical, and operational aspects of the sector has contributed to the recent transformation towards electronic payments.
RIYADH: The use of the electronic mode of payments continues to accelerate in Saudi Arabia, with the retail sector surpassing the 60 percent target set by the Financial Sector Development Program, as the Kingdom moves toward a cashless economy. Last year, the share of e-payments in the Kingdom’s retail sector reached 62 percent of aggregate payments, including cash, revealed
RIYADH: Saudi Arabia's consumer spending rose 10 percent to SR97.9 billion ($26.1 billion) in February, up from SR88.6 billion a year earlier, on the back of rising point-of-sale transactions, the Saudi Central Bank, also known as SAMA, has revealed. This was driven by a 15 percent rise in the Kingdom’s point-of-sale transactions, which amounted to SR44.8 billion by the end of
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Saudi Arabia is implementing several measures to ensure the smooth digital transformation of its economy. The success of these steps can be gauged by the fact that the Kingdom recently reported a very high adoption rate of contactless payments through near-field communication (NFC) with 94 percent — the highest in the Middle East and North Africa, above the EU’s average and