The Saudi Arabian Monetary Authority (SAMA) reported that electronic payments accounted for 79% of total retail payments in 2024, up from 70% in 2023, positioning the result as an objective under the Financial Sector Development Program. Supporting the shift, SAMA cited growth in transaction volumes, with 12.6 billion electronic “non-cash” payment transactions in 2024 compared with 10.8 billion in 2023. The update linked the adoption trend to SAMA-led initiatives with the financial sector to broaden payment options, aligned with Saudi Vision 2030’s aim to reduce reliance on cash. SAMA stated it will continue expanding payment options and promoting digital payments by advancing national payment systems infrastructure and enhancing related solutions in collaboration with partners.
Saudi Arabian Monetary Authority 2025-04-15
Saudi Arabian Monetary Authority reports electronic payments reached 79% of retail payments in 2024
Electronic payments made up 79% of total retail payments in 2024, up from 70% in 2023, as part of the Financial Sector Development Program, according to the Saudi Arabian Monetary Authority (SAMA). This rise is due to SAMA-led initiatives to broaden payment options, aligning with Saudi Vision 2030's goal to reduce cash reliance. SAMA plans to further expand digital payments by enhancing national payment systems infrastructure with partners.