Royal Institute for Traditional Arts launches training on Al-Qatt Al-Asiri art    Nearly 2 million worshippers prayed in Rawdah at Prophet's Mosque during Hajj 1446    Saudi Arabia expands tech talent schools to five regions for 2025    Aubameyang exits Al Qadsiah as club turns to youth with Retegui signing    France withdraws troops from Senegal, ending military presence in West Africa    Germany's Merz and UK's Starmer sign 'first of its kind' defense and migration treaty    Norway leads Europe's best airports list    Syrian forces leave Sweida after ceasefire with Druze militias goes into effect    Main stage at Belgium's Tomorrowland music festival completely destroyed by fire    Sports vehicles can have now short number plates    Saudi Arabia draw Iraq and Indonesia in 2026 World Cup Asian play-off group    Saudi conjoined twins Yara and Lara successfully separated in 12.5-hour surgery    Babies made using three people's DNA are born free of hereditary disease    'Art of the Kingdom' exhibition to open in Beijing's National Museum on July 30    Saudi minister holds strategic AI and tech talks with French institutions in Paris    ASICS and Saudi Sports for All launch startup pitch to boost sports innovation in Saudi Arabia    Youth-led Saudi businesses exceed 474K    Scientists recover proteins from a 24 million-year-old rhino fossil    Jorge Jesus returns to Saudi Arabia as Al Nassr head coach on one-year deal    Jannik Sinner beats Carlos Alcaraz to win his maiden Wimbledon title    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi Central Bank: Electronic payments exceeded cash for first time in Saudi Arabia during 2021
Published in Saudi Press Agency on 14 - 08 - 2022

The Saudi Central Bank (SAMA) issued a report on the results of an extensive study conducted to measure used payment methods in the Kingdom of Saudi Arabia during 2021, which aimed to assess consumer payment habits (cash and non-cash), across all market sectors; individuals, business, and the government sector.
A key objective of the Financial Sector Development Program – under the Kingdom's Vision 2030 – is the promotion of digital payment solutions to transform the Kingdom into a less-cash society by reaching 70% non-cash payments by 2025.
The extensive study which covered the use of payment methods across the market, and gives detailed insights into the most used instruments, by whom and for which purchases.
The study showed that, across all user groups, the use of electronic payments exceeded the use of cash. In total, across all areas of economic activities, the use of electronic payments increased from 44% in 2019 to 62% of all payments by volume in 2021. These transactions represent 94% of all payments when measured by value.
The study indicated that - for the first time in the Kingdom - cash is no longer the most used method of payment by individuals, as electronic payments of individuals have grown significantly to reach 57% in 2021 of the total number of transactions executed, compared to just 36% in 2019.
In the business sector, the share of electronic payments reached a substantial 84% of all business payments in 2021, compared to 51% in 2019 (a growth of 65%over the two years). On the other hand, the study also revealed that the government sector has almost completely converted to electronic payment methods of all outward government payments to individuals, business establishments or other government agencies.
The Saudi Central Bank, through its main role in the financial sector development program, seeks to encourage use of the fastest and most efficient electronic payment methods, as an extension of SAMA efforts in the development of the national and international payments ecosystems, including new technical and operational infrastructure, regulatory and legislative adjustments and new payment services.
The Payments Usage study report is available on SAMA's website:
http://www.sama.gov.sa/en-US/Documents/National_Payments_Usage_Study_en.pdf


Clic here to read the story from its source.