Saudi Gazette report

RIYADH — The Saudi Central Bank (SAMA) has revealed a significant leap in the Kingdom in the use of electronic payments, which constituted 70% of all retail consumer transactions in 2023. This marked an increase from the 62% recorded in 2022 and highlights the country's advancing shift toward digital financial solutions.

This milestone aligns with the goals of the Financial Sector Development Program, showcasing the Kingdom's commitment to modernizing its financial sector. The substantial rise in electronic transactions, totaling 10.8 billion in 2023, up from 8.7 billion the previous year, underscores the growing confidence and preference for digital payment methods among consumers and merchants alike.

SAMA attributed this growth to the collaborative efforts within the financial community to promote and enhance the reliability and efficiency of the national payment systems. This strategic focus not only facilitates transaction efficiency but also bolsters financial stability within the Kingdom.

Looking ahead, SAMA plans to sustain this momentum by further improving the national payments infrastructure and enhancing payment-related services. In partnership with other stakeholders, it aims to enrich the payment choices available to consumers and support economic activities through seamless digital payment solutions.