Building a digital stronghold for the payments of tomorrow
- Date: 23-Nov-2020
- Source: Arab News
- Sector:Technology
- Country:Saudi Arabia
Building a digital stronghold for the payments of tomorrow
Building a digital stronghold for the payments of tomorrow
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Building a digital stronghold for the payments of tomorrow
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Building a digital stronghold for the payments of tomorrow
Cash is on its last leg and very quickly becoming less of a hindrance to Saudi Arabia
Updated 23 November 2020
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Although cash, and the way it has been embedded in people's buying behavior over the decades, is still a hindrance to the pace of digital payments transformation in the Kingdom, Saudi Arabia is on the right track and building momentum to benefit from a growing digital economy, according to J.K. Khalil, country manager for Saudi Arabia, Bahrain & Levant Mastercard.
After generations of paying with banknotes and handling hard legal tender in a way that was inherent to this region and its culture, cash is on its last leg and very quickly becoming less of a hindrance to Saudi Arabia, which is undergoing an accelerated digital payments ecosystem transformation while building momentum to benefit from a growing digital economy.
He said that since the launch of Vision 2030 and the country's bold mandate to work toward a 70 percent cashless economy, the Kingdom has recalibrated its approach and significantly enhanced its digital infrastructure. "All this points