Riyadh - Sharikat Mubasher: Saudi Arabia is rapidly advancing toward a cashless economy, fueled by government-backed fintech initiatives, open banking adoption, and booming contactless transactions. This digital shift has cemented the Kingdom's position as a regional leader in electronic payments.

The Saudi Central Bank (SAMA) recently revealed that electronic payments accounted for 79% of total retail payments in 2024, up from 70% in 2023, marking the achievement of a key Financial Sector Development Program target. 

The number of non-cash payment transactions in the Kingdom hit 12.6 billion in 2024, compared to 10.8 billion transactions in the previous year.

This milestone aligns with the significant growth of the Kingdom's payment systems in 2024 and underscores SAMA’s efforts to foster the growth of the payments industry and expand the adoption of diverse payment options across the Kingdom.

Moreover, SAMA emphasized its continued commitment to expanding payment options and promoting digital payments by advancing the national payment systems' infrastructure and enhancing related solutions.