Electronic payments through the Pay and Pay Apple applications have recorded an unprecedented record exceeding 2 billion transactions through points of sale, since the beginning of this year, an increase of more than 70% compared to the same period last year, as a result of 3 main factors, the most prominent of which is the increase in the permissible limit for purchases. And electronic payments made through Mada Pay devices recorded during last October 6409,757 transactions, an increase of more than 50% over the same period last year.
A source in the Central Bank of the City revealed several measures that contributed to the increase and development of electronic payment, including the application of near-term communication technology (NFC) to POS devices, without the need to enter the card’s password, and raising the permissible limit for the amount of purchasing operations from 100 riyals to 300 riyals. And obligating the retail sector to provide electronic payment methods.
The source estimated the number of POS devices at about 657,000 and 18,000 ATMs, while 33 million bank cards were issued in more than 150 cities and governorates.
This growth in electronic payments comes within the context of Saudi payments’ efforts to achieve the goals and aspirations of the Financial Sector Development Program, one of the Kingdom’s Vision 2030 programs, with the aim of transforming into a society less dependent on cash, by reaching 70% of electronic transactions by 2030.
Saudi Payments works to raise the efficiency of financial operations for all business sectors through the permanent development of the infrastructure of the national payments system to provide more flexibility and security. The report of the Central Bank, issued recently, indicated that the number of withdrawals executed through Mada in 2019 increased by 3.6% to reach 983 million operations, an increase of 9% in the previous year. The value of withdrawals increased by 3.5% to reach 468.8 billion riyals. , An increase of 2.8% in the previous year, as for the number of operations that took place through the banking network, it decreased by 3% to reach 1.1 billion operations, an increase of 3.1% in the previous year,