Saudi Central Bank: An increase in the share of electronic payments for individuals

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The increase in electronic transactions comes as a result of the significant growth in payment systems in the Kingdom during the year 2023, as the number of non-cash transactions carried out reached about 10.8 billion.

Announce Central Bank of Saudi Arabia “SAMA” announced a noticeable increase in the share of electronic payments for individuals in the Kingdom of Saudi Arabia for the year 2023.

The share of electronic payments in the retail sector for individuals reached 70% of the total payment operations carried out, compared to the 62% recorded in the year 2022.

This increase came; At a time when the Kingdom is witnessing significant growth in systems Electronic payments The number of non-cash transactions carried out increased to 10.8 billion, compared to 8.7 billion in 2022.

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The use of electronic payment methods comes as a direct result of the strategic efforts launched by Mr Central Bank Saudi Arabia, in cooperation with the financial sector, with the aim of supporting the growth of the payments sector and stimulating the use of various electronic payment options.

In recent years, the Saudi financial sector has witnessed remarkable progress in adopting electronic payment methods.

 

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