In 2024, electronic payments accounted for 79 % of all retail transactions in Saudi Arabia, reflecting a sharp rise from 70 % in 2023, according to the Saudi Central Bank (SAMA).

This increase marks a significant step toward realising the Kingdom’s ambitions of a cashless society, as outlined in the Financial Sector Development Program, a key component of Vision 2030.

SAMA revealed that non-cash retail transactions totalled 12.6 billion in 2024, a notable jump from 10.8 billion in the previous year. The growth reflects the country’s accelerating adoption of digital payment technologies.

According to SAMA, the progress has been driven by strategic initiatives in collaboration with stakeholders across the financial sector, aiming to modernise the payments landscape and improve access to secure, user-friendly digital payment solutions.

The central bank reaffirmed its dedication to enhancing digital infrastructure to support diversified economic growth and provide a robust foundation for the future of commerce.

Digital Acceleration Across the Kingdom

The nationwide transition to electronic payments is being bolstered by rising activity in both physical point-of-sale (POS) locations and e-commerce platforms.

SAMA’s statistics show strong growth in POS transactions in recent years, with values increasing by 24.15 % in 2020, 32.45 % in 2021, and 8.83 % in 2024. In total, POS transactions reached SR668.18 billion ($178.18 billion) in 2024.

The rapid expansion during 2020 and 2021 was largely attributed to pandemic-driven behavioural shifts, as contactless and digital payments became essential amid health concerns and movement restrictions.

Though growth rates have since moderated, the continued increase in 2024 suggests that digital payment habits formed during the pandemic have become ingrained, signalling lasting transformation in the Kingdom’s retail sector.

This shift is underpinned by a growing network of POS terminals and increased availability of digital payment options across businesses.

At the same time, online retail is thriving. Transactions via Mada cards for e-commerce surged by 278.68 % in 2020 to reach SR38.82 billion. By 2024, that figure had climbed to SR197.42 billion, a year-on-year rise of 25.82 %. This sharp growth highlights the growing influence of digital commerce on Saudi Arabia’s retail landscape.

Together, these developments illustrate Saudi Arabia’s momentum in digital finance and its emergence as a regional leader in financial technology and innovation.