E-payments account for 79% of total retail payments in 2024: SAMA

Logo of The Saudi Central Bank (SAMA) 

Electronic payments accounted for 79 % of total retail payments in 2024, up from 70% in 2023, said the Saudi Central Bank (SAMA).

Increasing e-payments is one of the objectives of the Financial Sector Development Program.

This achievement aligns with the significant growth of the Kingdom's payment systems in 2024, as the number of electronic “non-cash" payments transactions reached 12.6 billion, compared to 10.8 billion transactions in 2023, SAMA said in a statement.

In recent years, the Kingdom has witnessed remarkable progress and rapid growth in the adoption of electronic payment methods. This advancement is driven by strategic initiatives launched by SAMA in collaboration with the financial sector to foster the growth of the payments industry and expand the adoption of diverse payment options across the Kingdom, the central bank said.

These innovative and advanced digital payment solutions align with the objectives of Saudi Vision 2030 to reduce reliance on cash and boost payment digitalization.

SAMA also said it will continue expanding payment options and promoting digital payments by advancing the national payment systems' infrastructure and enhancing related solutions, adding that it will also drive and support economic activities in collaboration with its partners.