“Payments”: 269 billion riyals, the total of electronic “purchases” in 285...

The Saudi Payments Company revealed its success in registering an unprecedented record for the number of electronic payments, which exceeded two billion transactions through points of sale in the Kingdom, from the beginning of this year until mid-October, (285 days), an increase of more than 69% compared to the same period of the year the past.The total purchasing value of those operations reached 269 billion riyals, an increase of about 21%, compared to the same period last year, while an increase was recorded in the number of point-of-sale devices, which exceeded 614 thousand devices in various retail sectors in the Kingdom. Mada Pay and Apple Pay account for 25% of the total number of transactions that took place on POS devices until the end of the third quarter of 2020.

The percentage of operations through NFC technology accounted for 91% of all transactions that took place in POS devices.

Many other factors also helped record two billion operations, including coordination and joint efforts between the Monetary Agency, the National Anti-Concealment Program, and Saudi Payments, so that the cooperation between these parties contributed to obligating the retail sector by 100% to provide electronic payment means, including the activity of gas stations and shops. Auto parts, clothes, foodstuffs, mobiles, personal service activities (laundries, men and women salons) and other commercial sectors, starting from August 25, 2020, as one of the initiatives to shift towards increasing electronic transactions.

For his part, the Executive Director of the Saudi Payments Company, Fahd Al-Aqeel, said: “We seek during the coming period to enhance the infrastructure for payments and e-commerce, including facilitating payment processes, which will contribute to providing a smoother experience for consumers in the Kingdom.” It is noteworthy that Saudi payments are the operator of the national infrastructure for payment systems, under which the national payment system “Mada” and its services in the Kingdom are included, to play the role of the possible for the sector. Saudi payments also work to achieve the goals and aspirations of the financial sector development program as part of the Kingdom’s Vision 2030.

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