Saudi Arabia aims to achieve e-payment target of 70%

By February 24, 2019News

Saudi Arabia aims to reach 70% in e-payments by 2030 as part of the Vision 2030 reform plan. The aim is to shift the Saudi society from a heavy reliance on cash to using digital and electronic payment methods. Credit card companies in the Kingdom supported the initiative by offering a cashback service to those that use credit cards when making purchases and payments.

The Financial Sector Development Program (FSDP) was one of the initiatives to support the economic growth goals of Vision 2030. One of FSDP’s main targets is to increase non-cash utilization from 18% in 2016 to 28% in 2020 to 70% by 2030.

The Saudi Arabian Monetary Authority (SAMA) has been encouraging electronic payments and settlements through the e-payment system, such as the Saudi Arabian Riyal Interbank Express and the online bill payment portal, SADAD.