E-payments among Saudis rise to 70 pct in 2023-Xinhua

E-payments among Saudis rise to 70 pct in 2023

Source: Xinhua

Editor: huaxia

2024-04-02 21:21:45

RIYADH, April 2 (Xinhua) -- Saudi Arabia announced Tuesday that the e-payments among individuals rose to 70 percent of total payments in 2023.

The Saudi Central Bank (SAMA) said the share of retail consumer electronic payments reached 70 percent of total retail payments in 2023, up from 62 percent in 2022, the Saudi Press Agency reported.

According to SAMA, the rise is attributed to the significant growth of payments processed through national payment systems in 2023, which reached 10.8 billion transactions compared to 8.7 billion in 2022.

The booming cost-effective and reliable e-payment system helps enhance transaction efficiency and support financial stability, the bank added.

SAMA affirmed the continuation of efforts to provide payment choices and promote digital payments through further development of the national payments infrastructure and related services.

In recent years, the Kingdom has witnessed rapid growth in the adoption of electronic payments due to an integrated, strategic, and collaborative approach across the financial sector.