São Paulo – Saudi Arabian youth are using less cash than older generations, a sign that Saudi plans to create a cashless society are working. The news was published on the Arab News website this Wednesday (4).
A report by Fintech Saudi points out only 18% of Saudis aged between 16 and 22 use cash. Among the population aged 60 and over, this percentage is almost 50%. Fintech Saudi is an organization working to develop the financial services technology industry in the country.
The survey also brings data on the use of cash in some regions. In the central region of Saudi Arabia, which includes the capital Riyadh, 20% of people use paper money in their financial transactions. In the western region, the percentage is 37%.
Fintech Saudi’s report shows the COVID-19 pandemic has led to an acceleration of cashless transactions, with digital payments growing 75% last year and ATM withdrawals dropping 30%.
However, the use of cash is far from extinct, even though the number of transactions using it has decreased. The survey shows that if the entire Saudi population is considered, 60% use cash at least once a week, and one in four people use it every day.
The Saudi goal is to make cashless currency transactions account for 70% of the country. The goal is part of Vision 2030, the country’s strategic plan for economic diversification and growth.
Translated by Elúsio Brasileiro
