E-payments account for 36% of all Saudi retail deals
Saturday, 11 30 2019, Category: Technology, Country: Saudi Arabia
A study into electronic payments has revealed that e-payments accounted for more than 36% of all available payments in Saudi Arabia, including cash, exceeding the target share of non-cash transactions targeted by the Kingdom's Vision 2030, knowing that the objectives of the Financial Sector Development Program (FSDP) were to reach 28% by the end of 2020.
The Saudi Arabian Monetary Authority (SAMA) in cooperation with the Saudi Payments Company conducted the study into the diversity of electronic payment methods. It found card payments accounted for the largest share of payments at nearly 30%, while other methods included SADAD platform payments and other financial payments.
The study also found that Mada Sale Service Points recorded an unprecedented increase in the number and value of purchase transactions.
At the end of 2016 point of sales (POS) grew by 33%, while in 2017 and 2018 the growth rate was 35% and 46% respectively.
Source: Saudi Gazette