Saudi Arabia moves to cashless society

The Financial Sector Development Program's primary performance metric, the percentage of retail consumer electronic payments, increased from 62 per cent in 2022 to 70 per cent in 2023, according to the Saudi Central Bank. This was reported by Arab News.

According to the source, this accomplishment results from a notable rise in payments made in 2023 via national payment networks.

Because of the banking community's coordinated, planned, and cooperative efforts, electronic payment adoption has accelerated throughout the Kingdom in recent years.

Furthermore, the development of dependable and reasonably priced electronic payment systems has improved transaction efficiency and promoted financial stability.

In order to accomplish these crucial objectives and help the banking industry offer clients more digitally accessible banking services, the Saudi Central Bank has partnered with the Financial Sector Development Programme.

In Saudi Arabia, a number of national payment methods have made it possible for electronic payments to grow via a range of channels and choices. More than 31.5 million ATM cards were issued in 2019, and by 2023, that number had increased to over 47.7 million, a 51 per cent rise.

By providing their clients with a variety of electronic payment choices and channels, Saudi banks have been instrumental in promoting the expansion of electronic payments.

Banks have made significant technological investments in order to offer their clients a comprehensive suite of electronic financial services and products.

People's desire for digital and electronic channels has contributed significantly to the Kingdom's rapid growth in electronic payments.

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