Riyadh – Mubasher: Abdulaziz Abanmi, Deputy Governor for Payments at Saudi Central Bank (SAMA), said that the payments sector in Saudi Arabia had witnessed unprecedented performance in various digital payment products.
On the sidelines of his opening speech at the Seamless Saudi Arabia 2024 event, Abanmi highlighted that digital payment systems recorded a 16% surge in the number of transactions by the end of the third quarter (Q3) of 2024.
Furthermore, the share of electronic payments in the individual sector reached 70% of the total payment transactions in the Kingdom, which was a target to be achieved in 2025. This will contribute to creating a society less dependent on cash.
He added that the number of point-of-sale (POS) devices witnessed an increase of 12%, indicating that the share of payments using smartphones until Q3-24 represented about 54% of the total payments.
Payments for e-commerce through made portal achieved a hike of more than 29% by the end of Q3-24, with a value exceeding 22% compared to Q3-23.
As of 30 September 2024, the number of transfers executed through the instant payment system, sarie, posted a jump of more than 38% year-on-year (YoY) in the number of operations.
Saudi payments portal mada renewed its participation in Seamless Saudi Arabia, which is being held at the Riyadh Front Centre.
Mubasher Media is partaking in the 2024 edition as the Media Partner following its success in covering the event last year.
