Digital Payments Made Up 79% of Saudi Retail Transactions in 2024

Electronic payments accounted for 79% of all retail transactions in Saudi Arabia in 2024, according to new data released by the Saudi Central Bank (SAMA). This figure reflects a steady rise from 70% in 2023 and marks a significant milestone in the Kingdom’s ongoing push toward a cashless economy under the Financial Sector Development Program, part of the broader Vision 2030 strategy.

SAMA reported that the volume of non-cash retail transactions reached 12.6 billion last year, compared to 10.8 billion in 2023. The increase is attributed to improvements in digital infrastructure and the growing adoption of secure electronic payment solutions across Saudi society.

The central bank noted that this progress stems from continued collaboration with financial institutions and payment service providers to enhance digital systems and promote financial inclusion. It also reaffirmed its commitment to developing the national payments ecosystem to better support economic activity and consumer convenience.

The shift toward digital payments is seen as a key component of Saudi Arabia’s economic diversification goals, with investments in fintech and regulatory reform accelerating innovation across the banking and retail sectors. As more consumers and businesses adopt electronic payment methods, officials expect further growth in both the volume and value of non-cash transactions in the coming years.