Volume of e-commerce jumps to SR44 billion

Volume of e-commerce jumps to SR44 billion

Okaz/Saudi GazetteRIYADH — Abdul Aziz Al-Afaliq, vice president of operation and shared services at Saudi Payments Company, said that the total volume of electronic commerce in the Kingdom reached SR44 billion, due to the increase in the use of the Internet and digital applications.“The local payments sector is undergoing a comprehensive transformation phase in a way reshaping and renewing the infrastructure of financial markets and institutions so as to become a leading global model that meets customer expectations and helps generate new opportunities for this sector,” he said.The Saudi Payments Company is a subsidiary of the Saudi Central Bank (SAMA). Al-Afaliq said that the Central Bank and Saudi Payments are working to develop regulatory frameworks and stimulate policies and licenses for the advantage of service providers and beneficiaries as well as to monitor them with the aim of advancing the transformation of digital payments.“The payment system in the Kingdom has developed significantly in recent years, and bank payment cards enjoy a high degree of