E-Payments Hit Record Figure in Saudi Arabia

Business

October 28th, 11:51am

Riyadh - Asharq Al-Awsat

E-Payments Hit Record Figure in Saudi Arabia

Saudi Payments, a Saudi Arabian Monetary Authority (SAMA) subsidiary, has revealed an unprecedented figure for e-payments. Such payments exceeded two billion transactions through points of sale (POS) in the Kingdom since early 2020 until mid-October, with an increase of more than 69 percent compared to the same period last year. The total purchasing value amounted to SAR269 billion ($71.7 billion), an increase of about 21 percent compared to the same period in 2019. Also, an increase was recorded in the number of POS devices to more than 614,000 in various retail sectors across the Kingdom. Payments made through Apple Pay and Mada Pay accounted for 25 percent of the total number of transactions on POS devices until the end of Q3 2020. According to a statement issued on Tuesday, “this increase in the number of e-payments comes in line with Saudi Payments efforts to achieve the goals of the Financial Sector Development Program” as part of the Kingdom’s Vision 2030. The program seeks making the Saudi community less dependent on cash by reaching 70 percent of e-transactions by 2030, the statement added. To achieve this target, Saudi Payments has been working on raising the efficiency of financial transactions for all business sectors through the permanent development of the national payments system’s infrastructure to provide more flexibility and security in various means of e-payments. The statement further noted that many factors have helped the Kingdom reach this new record, including coordination and joint efforts among SAMA, the national anti-commercial concealment program and Saudi Payments. This cooperation has contributed to compelling e-payment methods in the retail sector starting from late August, including gas stations, shops selling auto parts, clothes, foodstuffs, mobiles, personal service activities (laundries, beauty salons and barbershops) and other commercial sectors. Saudi Payments CEO Fahd al-Akeel said this new record reflects the success of the company in helping the society be less dependent on cash transactions. “We seek to bolster the infrastructure for payments and e-commerce in the coming period,” he stated, adding that this includes facilitating payment processes, which will contribute to providing a smoother experience for consumers in the Kingdom.

from Asharq AL-awsat https://english.aawsat.com/home/article/2591426/e-payments-hit-record-figure-saudi-arabia