Saudi Vision 2030 ‘turbo-charging’ digital economy, e-commerce: Expert

Saudi Vision 2030 ‘turbo-charging’ digital economy, e-commerce: Expert

Saudi Arabia’s Vision 2030 is “turbo-charging” the Kingdom’s thriving digital economy as it enters a high-growth stage in digital payments and e-commerce, Checkout.com’s Senior Vice President for the region told Al Arabiya English on Thursday.

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Saudi Arabia is “right on track” with achieving its objectives under Vision 2030 – a transformative economic and social reform blueprint launched and initiated by Crown Prince Mohammed bin Salman in 2016 – of increasing the share of non-cash transactions to 70 percent in 2025, Remo Giovanni Abbondandolo said.

In a report released by the digital payments company on Thursday, data revealed that 91 percent of Saudis regularly shop online, with 14 percent saying they do so at least once a day, proving that the e-commerce trends brought on by the pandemic are here to stay.

The Checkout.com annual report, which tracks year-on-year data to better understand customer behaviors and overall market trends, confirmed that over the last three years, Saudi Arabia’s e-commerce and fintech sectors have seen a “great boom” and that itsdigital payments ecosystemis growing.

“Electronic payments are now exceeding cash for the first time in Saudi Arabia since 2021. It is clear that