Saudi Arabia is swiftly embracing digital technologies to fuel innovation and economic growth. The government’s strategic investments in technology infrastructure have created a fertile ground for digital transformation.

The country is witnessing a significant shift towards a digital economy, with e-payments now accounting for a staggering 70% of all retail transactions in 2023, according to official data released by the Saudi Central Bank (SAMA). This marks a sharp rise from 62% in the previous year.

The surge is attributed to a substantial increase in transactions processed through national payment systems. In 2023, 10.8 billion electronic transactions were recorded, compared to 8.7 billion in 2022. 

This growth aligns perfectly with the goals of the Financial Sector Development Program, a key initiative under Saudi Vision 2030. The program prioritizes the development of a diversified and efficient financial system to support national economic growth, with e-payments serving as a crucial performance indicator.

SAMA plays a pivotal role in this transformation. The central bank is actively promoting the adoption of digital transactions by enhancing the national payments infrastructure and offering a wider range of payment options. They have also pledged continued collaboration with industry partners to streamline economic activities.

This rapid shift towards e-payments results from a multi-faceted approach implemented across the financial sector. The focus is creating a secure, cost-effective, and reliable digital commerce system. This improves transaction efficiency and contributes to overall financial stability within the kingdom.

The success of this strategy is further underscored by the thriving fintech sector. As of September 2023, SAMA reported a significant increase in the number of fintech companies operating in Saudi Arabia, reaching a remarkable 183 – exceeding 80% of the target set for 2025.

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