Saudi Arabia sees surge in cashless payments as it adopts digital transactions

The Saudi Central Bank (SAMA) announced that electronic payments accounted for 79 per cent of total retail payments in 2024, up from 70 per cent in 2023.

SAMA said this aligns with the significant growth of the Kingdom’s payment systems in 2024, as the number of electronic “non-cash” payments transactions reached 12.6bn transactions, compared to 10.8bn transactions in 2023.

In recent years, the Kingdom has witnessed remarkable progress and rapid growth in the adoption of electronic payment methods.

Cashless payments in Saudi Arabia

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 the adoption of diverse payment options across the Kingdom.

These innovative and advanced digital payment solutions align with the objectives of Saudi Vision 2030 to reduce reliance on cash and boost payment digitalization.

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.