In a notable stride toward financial digitalization, the Saudi Central Bank (SAMA) has reported that electronic payments accounted for 79% of all retail transactions in 2024, reflecting a major milestone under the Kingdom’s Financial Sector Development Program. This marks a significant increase from the 70% share recorded in 2023, showcasing rapid growth in digital payment adoption across the country.
According to official data released by SAMA, the total number of non-cash retail transactions rose to 12.6 billion in 2024, up from 10.8 billion in 2023. This growth underscores Saudi Arabia’s accelerated transition from a cash-heavy economy to a digital-first payments ecosystem—a transformation that aligns closely with the broader goals of Saudi Vision 2030.
The increase in e-payments is not a sudden shift but the result of coordinated and strategic initiatives driven by SAMA in partnership with stakeholders in the financial sector. Over recent years, the central bank has launched a series of reforms and technological advancements designed to expand payment options, improve infrastructure, and foster innovation in the financial services industry. The emphasis has been on building a resilient, interoperable, and secure digital payments framework that can serve the growing needs of consumers, merchants, and institutions alike.
SAMA’s efforts to reduce the Kingdom’s dependence on cash have led to the adoption of cutting-edge digital payment solutions, including contactless card payments, mobile wallets, QR-based payments, instant transfers, and other fintech-enabled services. These solutions have been made more accessible through regulatory reforms, infrastructure upgrades, and public-private sector collaboration. The result has been a more inclusive and efficient retail payments landscape that benefits businesses and consumers by reducing transaction costs, increasing speed, and enhancing transparency.
Furthermore, the growing penetration of smartphones, internet connectivity, and fintech apps in Saudi Arabia has contributed to this digital shift. With a tech-savvy population and high digital literacy among youth, consumer behavior has increasingly leaned toward convenience, speed, and security—factors that electronic payments provide more effectively than traditional cash transactions.
In its official statement, SAMA reaffirmed its commitment to further advancing the national payment ecosystem. The central bank plans to continue its investment in the modernization of infrastructure while encouraging innovation through sandbox programs and regulatory support for emerging fintechs. Collaborative efforts with commercial banks, technology providers, and government entities will also remain central to expanding the reach and usability of e-payments across all sectors of the economy.
By leading the transition to a digital payments society, SAMA is also contributing to broader economic diversification efforts, promoting transparency in financial transactions, and strengthening the formal economy. These developments not only align with Vision 2030 objectives but also position Saudi Arabia as a regional leader in financial innovation and digital transformation.
As SAMA and its partners continue to push the boundaries of payment innovation, the digitalization of retail payments is expected to deepen further in the years to come, reshaping the Kingdom’s financial landscape and bringing it closer to becoming a cashless, future-ready economy.