Retail e-payments reach 57% in 2021, exceeding Saudi Vision 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.

This 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.

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