Riyadh: The Saudi Central Bank (SAMA) announced that electronic payments accounted for 79% of total retail payments in 2024, marking a significant achievement for the Financial Sector Development Program’s objectives. This figure is up from 70% in 2023.

According to Saudi Press Agency, this achievement aligns with the significant growth of the Kingdom’s payment systems in 2024. The number of electronic ‘non-cash’ payment transactions reached 12.6 billion, compared to 10.8 billion transactions in 2023.

In recent years, the Kingdom has witnessed progress and growth in the adoption of electronic payment methods. This advancement is driven by strategic initiatives launched by SAMA in collaboration with the financial sector to foster the growth of the payments industry and expand adoption of different payment options across the Kingdom. These digital payment solutions align with the objectives of Saudi Vision 2030 to reduce reliance on cash and boost payment digitalization.

The release disclosed that SAMA will continue expanding payment options and promoting digital payments by advancing the national payment systems’ infrastructure and enhancing related solutions. In collaboration with its partners, SAMA will also drive and support economic activities.