Saudi Central Bank Reports Surge in Electronic Payments, Targets Further Growth

KSA, 03 April, 2024 : The Saudi Central Bank (SAMA) announced that retail consumer electronic payments surged to 70% of total retail payments in 2023, up from 62% in 2022, a key milestone under the Financial Sector Development Program.

This growth was fueled by a significant increase in transactions processed through national payment systems, reaching 10.8 billion in 2023 compared to 8.7 billion in 2022.

The Kingdom's concerted efforts in promoting electronic payments have led to rapid adoption, supported by strategic collaboration within the financial community. This cost-effective and reliable e-payment system enhances transaction efficiency and boosts financial stability.

SAMA remains committed to expanding payment options and encouraging digital payments by further developing the national payments infrastructure and improving payment-related services. It also aims to facilitate economic activities in partnership with stakeholders.

Source : www.sama.gov.sa