Saudi Payments Sector Reports Significant Growth in Digital Transactions

KSA, 23 October, 2024 : The Saudi payments sector has reported remarkable growth, according to Abdulaziz Abanmi, Deputy Governor for Payments at the Saudi Central Bank (SAMA). Speaking at the Seamless Saudi Arabia 2024 event, he noted a 16% increase in digital payment transactions by the end of Q3 2024.

Electronic payments now account for 70% of total transactions in the Kingdom, a target initially set for 2025, contributing to a move towards a cashless society. The number of point-of-sale (POS) devices rose by 12%, with smartphone payments comprising about 54% of all transactions.

E-commerce payments via Mada saw a significant increase of over 29%, while the instant payment system, Sarie, experienced a year-on-year growth of more than 38% in transactions as of September 30, 2024.

The Mada payments portal is participating in Seamless Saudi Arabia at the Riyadh Front Centre, with Mubasher Media joining as the Media Partner for this year’s event.

Source : www.zawya.com