Riyadh – Mubasher: The rate of electronic payments for the retail banking reached more than 36% of all payments by the end of July 2019, exceeding the target of the financial sector development program, according to the Saudi Arabian Monetary Authority (SAMA).
The development program, which is part of the Saudi Vision 2030, stipulates that the share of non-cash transactions should be increased to 28% by 2020.
The achievement is based on SAMA's strategy for payment systems and the Financial Sector Development Program, which aims to enhance electronic payment and reduce cash handling to reach 70% of total payments in the Kingdom by 2030, according to a statement issued on Tuesday.
The percentage of electronic payments of the retail sector surpassed 36% of the total available payments, including cash, by the end of July 2019.
E-payment methods were also varied, with card payments making the largest share of approximately 31.3%, while other means varied between payments platform "SADAD", remittances, and others.
SAMA pointed out that the record growth rates witnessed in the electronic payments through the national payment system "Mada" is a result of a strategic plan, which recorded unprecedented spikes in the number and value of purchasing transactions over the past years.
Moreover, point of sale (POS) operations grew by 33% in 2016, while growth rates registered 35% and 46% in 2017 and 2018, respectively. Current figures for 2019 indicate that the growth rate was about 50% by the end of September.