RIYADH – Electronic payments now account for 79 percent of all retail transactions in Saudi Arabia, up from 70 percent in 2023, marking a significant leap in the Kingdom’s transition toward a cashless economy, according to data released by the Saudi Central Bank (SAMA).
The milestone reflects the Kingdom’s ongoing commitment to the Financial Sector Development Program under Vision 2030, which aims to modernize and diversify the financial ecosystem. SAMA revealed that the total number of non-cash retail transactions soared to 12.6 billion in 2024, a substantial increase from 10.8 billion recorded the previous year.
In an official statement, SAMA attributed this growth to coordinated efforts with the financial sector to enhance the payments ecosystem and broaden access to secure and innovative digital payment solutions.
“SAMA remains committed to supporting economic activity and strengthening the payment infrastructure by promoting a more modern and inclusive financial environment,” the central bank noted.
Digital Momentum
The expansion of electronic payments has been further driven by robust growth in both point-of-sale (POS) and e-commerce transactions. According to SAMA, the value of POS transactions reached SR668.18 billion ($178.18 billion) in 2024, representing an 8.83 percent year-on-year growth. This follows significant increases of 24.15 percent in 2020 and 32.45 percent in 2021, highlighting the transformative impact of the COVID-19 pandemic on consumer behavior and payment preferences.
Though growth rates have since normalized, the steady upward trajectory signals a lasting shift in retail transaction habits across the Kingdom. SAMA emphasized that this trend reflects both increasing consumer reliance on digital payment methods and the rapid expansion of POS infrastructure nationwide.
E-Commerce on the Rise
E-commerce activity has also surged, particularly through the use of Mada cards. Spending in this segment skyrocketed by 278.68 percent in 2020, reaching SR38.82 billion, and continued its upward momentum, hitting SR197.42 billion in 2024, a 25.82 percent year-on-year increase.
These developments underscore the integral role that digital platforms now play in Saudi Arabia’s retail and services sectors. The sustained rise in both physical and online transactions positions the Kingdom as a regional leader in fintech adoption and digital financial transformation.
As Saudi Arabia accelerates its drive toward a fully digitized economy, the country continues to make strides in reshaping its financial landscape, aligning with its long-term Vision 2030 aspirations.
