Electronic payments for individual retailers in the Kingdom exceeded expectations and reached new record levels at the end of July 2019, recording more than 361 TP3T out of all available payment transactions, including cash. This surpassed the target share of non-cash transactions set by the Kingdom's Vision 2030 through the Financial Sector Development Program, which aimed to reach 281 TP3T by the end of 2020. (Riyadh Real Estate)
30% Card Payment
A specialized and comprehensive study conducted by the Saudi Arabian Monetary Authority in cooperation with the Saudi Payments Company, which acts as an enabler and operator of the national payments infrastructure in the Kingdom, revealed the diversity of electronic payment methods used, with card payments constituting the largest share at approximately 30%, while other methods varied between SADAD platform payments, financial transfers, and others.
The Mada point-of-sale service has recorded unprecedented upward leaps in recent years in terms of the number and value of purchase transactions. At the end of 2016, the growth rate of point-of-sale transactions reached 33%, while in 2017 and 2018 the growth rate was 35% and 46% respectively. Current figures for this year, 2019, indicate that the growth rate has reached nearly 53% (until the end of last October), reaching more than one billion and two hundred million transactions.
Significant expansion in the number of devices
Regarding growth indicators in point of sale services, the study revealed a remarkable expansion in the number of devices and their spread base, which included various commercial sectors (such as gas stations), as the total number reached more than 421,000 devices by the end of September 2019, compared to 107,000 devices at the end of 2013, in addition to the launch of the "Mada Atheer" service with Near Field Communication (NFC) technology, which had a great impact on activating and promoting electronic payment, especially after the introduction of payment service via smartphone devices.
The study reflects the success of the Saudi Arabian Monetary Authority’s strategy to support and increase the activation of payment systems and the Financial Sector Development Program, which aims to promote electronic payments and reduce cash transactions to reach a rate of 70% for electronic payments by 2030.
Latest technological solutions to enable infrastructure
While the results of the study crown the hard work done by Saudi Payments and the success of its strategy in adopting and introducing the latest technological solutions in the field of enabling the infrastructure for non-cash payment operations, the positive indicators of the study showed the success of the joint work system led by the Monetary Authority in cooperation with the Saudi Payments Company, which supports the activation of the use of electronic channels in cooperation with the local banking sector and with the participation of relevant service providers from the private sector, in addition to the institution’s continuous cooperation with government agencies to promote electronic payment.
The study included a comprehensive review of indicators measuring the percentage of electronic payment transactions out of the total payment transactions in the Kingdom. It included a review of the payment methods currently used in the individual sectors according to international practices, in addition to the government and business payment sectors.
These are some links to news articles and reports from issue 184 of Amlak Real Estate newspaper.
Riyadh Real Estate – Real Estate Projects – Investment Opportunities – Properties – Real Estate Development – Real Estate Auction – Riyadh Real Estate
Kafala program and Bayak company sign agreement to fund emerging technology companies
The Ministry of Justice adds an online service for inquiring about real estate deed details.
The "Sakani" program adds 6 residential schemes providing approximately 3028 free plots of land
The housing program continues to deliver ready-built villas in a number of the ministry's projects.
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Riyadh Real Estate
The Riyadh: Sustainable City Forum discusses the impact of major quality projects in the city.
