São Paulo – Electronic payments exceeded the use of cash for the first time in Saudi Arabia last year, a study conducted by the Saudi Central Bank revealed. In terms of volume, the use of electronic payments increased to 62% in 2021 from 44% in 2019, Saudi newspaper Arab News reported in its website.
When measured by value, digital transactions represented 94% of all payments in the Arab country.
Electronic payments of individuals have grown to reach 57% in 2021 of the total number of transactions executed, compared to 36% in 2019. When it comes to the business sector, the share reached a substantial 84% of all payments in 2021, up from 51% in 2019.
In line with strategic framework Saudi Vision 2030, this comes as part of the government’s efforts to promote digital payment solutions to transform the country into a less-cash society by reaching 70% of non-cash payments by 2025.
Photo for illustrative purposes only.
Translated by Guilherme Miranda
