The Saudi Central Bank (SAMA) announced that the share of retail consumer electronic payments -one of the Financial Sector Development Program’s KPIs- reached 70% of total retail payments in 2023, up from 62% in 2022.
This achievement is attributed to the significant growth of payments processed through national payment systems in 2023, which reached 10.8 billion transactions compared to 8.7 billion transactions in 2022.
The Kingdom has recently witnessed rapid growth in the adoption of electronic payments as a result of an integrated, strategic, and collaborative approach across the financial community.
SAMA said in a press release it will continue its efforts to provide payment choices and promote the use of digital payments through further development of the national payments infrastructure and enhancement of payment-related services.
Earlier this year, Finance Middle East compiled the top payment trends for Middle East businesses in 2024, from real-time payments to embedded payment capabilities.
