Arab Press

بالشعب و للشعب
Friday, Aug 22, 2025

Share of e-payments reaches 57% in 2021, exceeding FSDP target

Share of e-payments reaches 57% in 2021, exceeding FSDP target

The Saudi Central Bank (SAMA) announced on Thursday that the share of electronic payments in retail business exceeded 57% of the total transactions conducted in 2021, surpassing the 55% target set out by the Financial Sector Development Program (FSDP), one of the main programs of Saudi Vision 2030.
Fahad Almubarak, governor of the Saudi Central Bank, said that SAMA was working on promoting electronic infrastructure, expanding electronic payment activities and accelerating the electronic transformation of transactions.

He said this most recent achievement was driven by the Financial Sector Development Program and the implementation of the Bank's strategic plans for the payments sector, primarily aiming to reduce dependency on hard currency, and increase the rate of electronic payments to 70% by 2025.

Almubarak also noted that joint efforts between the government and private sectors to increase payment choices and implement many payment digitization initiatives together with private sector innovation and expansion initiatives as well as opening financial services to a new class of FinTech stakeholders in the Kingdom all played an instrumental role in making this achievement possible.

SAMA also noted that there were several jumps in the number and value of payments made through the National "mada" payment system during these past few years, with the number of transactions made through this system exceeding 5.1 billion transactions during 2021 at a growth rate of 81% compared to 76% recorded in 2020.

SAMA also observed a sizable increase in the number of PoS terminal numbers and commercial sector coverage. More than a million PoS terminals were deployed by the end of 2021 compared to 721,000 terminals deployed by the end of 2020.

Contactless Payments (NFC) methods also witnessed a tremendous increase in utilization as they accounted for 95% of all PoS transactions in 2021, alongside other electronic payment methods such as e-commerce payments, "SADAD" system payments and the new Instant Money Transfer through "Sarie" system, and others.

Additionally, corporate payments in the business sector have marked a significant increase in electronic payments, with 84% of the sector's total payment transactions being electronic in 2021, compared to just 51% in 2019, marking a 65% increase in electronic payment share during the past two years.

The results have also shown that major corporations rely on electronic payments to complete 99.6% of their transactions, while the same metric stood at 78% for SMEs transactions and 76% for those of micro enterprises.

SAMA stated that this achievement comes in support of the guidelines of the Kingdom's leadership, which aim to promote the electronic transformation of the Saudi economy, positively redirecting consumers to adopt electronic payments to conduct their transactions, recognizing its benefits in the facilitation of more convenient transactions, the reduction of the financial burden imposed on the national economy by cash payments, in addition to the reduction of operational costs imposed on most retail stores and shops, better record keeping and the increase of transparency in financial transactions.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
×