Saudi Gazette report

RIYADH — Electronic payments accounted for 79% of total retail payments in Saudi Arabia in 2024, up from 70% in 2023, according to the Saudi Central Bank (SAMA). The milestone reflects one of the key objectives of the Financial Sector Development Program under Saudi Vision 2030.

The increase aligns with significant growth in the Kingdom's payment systems, with non-cash electronic payment transactions reaching 12.6 billion in 2024, compared to 10.8 billion in the previous year.

Saudi Arabia has seen rapid adoption of digital payment methods in recent years, driven by strategic initiatives launched by SAMA in collaboration with the financial sector.

These efforts aim to strengthen the payments ecosystem and broaden the use of innovative digital solutions across the country.

SAMA reaffirmed its commitment to continuing the development of national payment systems infrastructure, expanding payment options, and promoting digital payment adoption.

The central bank said it will work with partners to support economic activity and further reduce reliance on cash transactions.