Saudi Arabia's payments sector sees rapid growth: American Express CEO

Fahad Al Guthami, CEO of American Express Saudi Arabia

American Express Saudi Arabia aims to account for 90% of the points of sale (POSs) and e-payment outlets in the Kingdom during the next three years, through strategic partnerships with banks and topnotch technical equipment, said CEO Fahad Al Guthami.

On the sidelines of the Seamless conference held in the Saudi capital Riyadh, Al Guthami told Argaam that the local payments sector has been developing at a rapid pace since 2018, noting that the e-payments are targeted to reach 70% by 2025 compared to 62% currently.

This trend supports customer service and quality of life, as the use of credit cards contributes to motivating the Kingdom's visitors and boosting the attractiveness of Saudi tourism.

Al Guthami highlighted the current shift from using cash to relying on e-payment cards in all financial transactions. He stressed that the company is committed to the Kingdom’s digital transformation trend, as it helps customers to be aware of the advantages of credit cards by providing savings offers and reports.

American Express seeks to enable digital transformation with the support of the Saudi Central Bank (SAMA), and through strategic partnerships with Saudi payment firms, financial institutions, and fintech companies, the CEO said.

He added that the company concluded some agreements that enabled it to introduce new global products in the local market.