SAMA says share of e-payments reaches 70% in 2023

The Saudi Central Bank (SAMA) announced that electronic payments in the retail segment accounted for more than 70% of total payments in 2023, compared to 62% in 2022.

The electronic payments represent one of the Financial Sector Development Program (FSDP) indicators, SAMA indicated.

This came in line with the record growth of the Kingdom’s payments system in 2023, as the number of e-payment transactions reached nearly 10.8 billion, compared to 8.7 billion in 2022.

Over the past few years, the Kingdom has witnessed remarkable progress and accelerated growth in the implementation of the e-payments, which came as a result of numerous strategic efforts and initiatives launched by the Saudi Central Bank in cooperation with the financial sector.