E-payment share in retail sector exceeds target as KSA pushes for cashless economy 

E-payment share in retail sector exceeds target as KSA pushes for cashless economy 

RIYADH: The use of the electronic mode of payments continues to accelerate in Saudi Arabia, with the retail sector surpassing the 60 percent target set by the Financial Sector Development Program, as the Kingdom moves toward a cashless economy.

Last year, the share of e-payments in the Kingdom’s retail sector reached 62 percent of aggregate payments, including cash, revealed the latest data from the Saudi Central Bank, also known as SAMA.

This accomplishment comes from Saudi Arabia’s ongoing support and enablement of the financial sector over the past couple of years, reported the Saudi Press Agency.

A key objective of the FSDP was to promote electronic payments and convert Saudi society to a cashless society by increasing the share of non-cash transactions from 16 percent in 2016 to 60 percent by 2022 and a further 70 percent by 2030.

“The FSDP aims to develop a diversified and effective financial sector to support the development of Saudi Arabia's economy, diversify its sources of income, and stimulate savings, finances and investments,” according to its website.

Through notable enhancement in payment infrastructure, improvement of current systems, and the introduction of new systems and services, the Kingdom speeds ahead to its Vision 2030 goals.

Saudi Arabia has also boosted electronic