The share of electronic payments in the retail sector—individuals—reached 57 percent in 2021 of the total available payment transactions, including cash, in the Kingdom, The Saudi Central Bank confirmed that electronic payments for 2021 exceeded the target set under the Financial Sector Development Program—one of the programs under the Kingdom’s Vision 2030—which was set at 55 percent for 2021.

Dr. Fahad bin Abdullah Al-Mubarak, Governor of the Central Bank, said that, in line with the leadership’s directives, the Central Bank is working to strengthen its approach to expanding the e-commerce sector and digital transformation in payments, as well as developing the infrastructure needed to facilitate the use of electronic channels.

He noted that this achievement comes within the framework of the Financial Sector Development Program, through the implementation of the Central Bank’s strategic plans for the payments sector, which aim to promote electronic payments and reduce reliance on cash, with the goal of increasing the share of electronic payments to 70 percent by 2025.