Electronic Payments to Reach 79% of Total Individual Transactions by 2024AD

The Saudi Arabian Monetary Authority (SAMA) has disclosed that electronic payments constitute 79% of total retail transactions by individuals by the end of 2024, compared to 70% in 2023, as part of the Financial Sector Development Program. This achievement aligns with a significant growth in payment systems in the Kingdom, with approximately 12.6 billion non-cash electronic transactions recorded in 2024, up from 10.8 billion in 2023.

The Kingdom is making remarkable progress in adopting electronic payment methods, thanks to various strategic efforts and initiatives launched by SAMA in collaboration with the financial sector. These efforts aim to support the growth of the payment sector and encourage the use of diverse electronic payment options in the country. This will contribute to achieving the goals of Saudi Vision 2030 by reducing reliance on cash and promoting digital payment growth.

SAMA is continuously working to provide a variety of payment options and expand the adoption of different electronic payment methods. This includes ongoing development of the national payment systems infrastructure, enhancing digital payment solutions, and improving their quality to facilitate financial transactions, increase efficiency, and reduce costs. Moreover, SAMA collaborates with partners to support economic activities in the Kingdom.