Riyadh, Saudi Arabia — The Saudi Central Bank (SAMA) announced on Monday that the share of retail consumer electronic payments – one of the Financial Sector Development Program’s KPIs – reached 70% of total retail payments in 2023, up from 62% in 2022.
The achievement 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 transactions in 2022.
In recent years, the Kingdom has witnessed rapid growth in the adoption of electronic payments as a result of an integrated, strategic, and collaborative approach across the financial community.
The evolving cost-effective and reliable e-payment system helps enhance transaction efficiency, and support financial stability.
SAMA will continue its efforts to provide payment choices and promote the use of digital payments through further development of the national payments infrastructure and enhancement of payment related services. Additionally, it will work with its partners to facilitate economic activities.