Building a digital stronghold for the payments of tomorrow

Building a digital stronghold for the payments of tomorrow

Building a digital stronghold for the payments of tomorrow

Sponsored Content

Building a digital stronghold for the payments of tomorrow

Short Url

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

Follow @arabnews

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