Electronic payments accounted for 79% of total retail transactions in Saudi Arabia in 2024, up from 70% in 2023, according to the Saudi Central Bank (SAMA). This growth aligns with the Kingdom’s Financial Sector Development Program under Vision 2030, aiming to reduce cash usage and promote digital payment solutions.
The total number of non-cash retail transactions reached 12.6 billion in 2024, compared to 10.8 billion in 2023, reflecting continued growth and adoption of electronic payment systems across the country
The broader shift toward e-payments has been reinforced by growth in both point-of-sale (POS) and e-commerce activities. The value of POS transactions increased by 8.83% in 2024, reaching SAR 668.18 billion ($178.18 billion). E-commerce spending using Mada cards also rose, with a 25.82% year-on-year increase, reaching SAR 197.42 billion in 2024.
SAMA has reaffirmed its commitment to enhancing payment infrastructure and supporting economic activities by fostering a more diversified and modern payment landscape. The central bank plans to expand payment options and promote digital payments by advancing the national payment systems’ infrastructure and enhancing related solutions.
