The Saudi Arabian Monetary Authority announced that electronic payments accounted for 79% of total retail payments in 2024, up from 70% in 2023, supporting the Financial Sector Development Program’s objectives. The update was accompanied by reported growth in the Kingdom’s payment systems, with electronic non-cash payment transactions reaching 12.6 billion in 2024 versus 10.8 billion in 2023. SAMA attributed the increase in adoption to its initiatives with the financial sector to expand payment options, aligning with Saudi Vision 2030’s focus on reducing reliance on cash and increasing payment digitalization. SAMA said it will continue to expand payment options and promote 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 comprised 79% of total retail payments in 2024, up from 70% in 2023, aligning with the Financial Sector Development Program’s goals. Non-cash transactions rose to 12.6 billion in 2024 from 10.8 billion in 2023, driven by SAMA's initiatives under Saudi Vision 2030. SAMA plans to enhance national payment systems infrastructure and digital payment solutions with partners.