Logo of Saudi Central Bank (SAMA)

The percentage of electronic payments exceeded cash payments in all sectors and various economic activities in 2021, according to a study conducted by the Saudi Central Bank (SAMA).

 

E-payments saw a combined increase for all sectors from 44% in 2019 to 62% in 2021 of the total number of transactions executed, and accounted for 94% of the total values of these transactions.

 

For the first time in the Kingdom, cash is no longer the most used method of payment by individuals, as e-payments have grown significantly to reach 57% in 2021 of the total number of transactions executed, compared to just 36% in 2019, SAMA said.

 

Government sector has almost completely converted to electronic payment methods for all outward government payments to individuals, business establishments or other government agencies.

 

E-Payment for All Sectors in 2021

Sector

E-payments in terms of number of transactions (%)

2019

2021

Individual

36 %

57 %

Business

51 %

84 %

All Sectors

44 %

62 %
 

Out of 11.3 billion transactions in the Kingdom in 2021, individuals accounted for 85% of total number of transactions (9.7 billion transactions), compared to 76% of the total in 2019.

 

While accounting for the lions-share of payments by volume, individuals’ payments tend to be of relatively lower value. In 2021, individual consumers payments accounted for only 11% of the total value of payment spend in the Kingdom.

 

The following table shows each sector’s share of total electronic payments in 2021:

 

E-Payment Value by Sector in 2021 (%)

Sector

2019

2021

Individual

11 %

85 %

Business

80 %

14 %

All Sectors

9 %

1 %
 

The report pointed out that cards are the most used payment method in the Kingdom with 52.5% of the total volume of transactions carried out during 2021.

 

Cash payments moved, for the first time, to the second place in terms of the number of payments with 42.5% of the total number of transactions performed.

 

Cards also came as the highest means of payment in terms of the value of transactions performed with 29.5% of the total transactions value during 2021, followed by cash at 25%.

 

The following table shows the percentages of each payment method for 2021:

 

Percentages of Each Cash Payment Method in 2021 (%)

Payment method

Percentage in terms of number

Percentage in terms of value

Cards

52.5 %

29.5 %

Cash

42.5 %

25.0 %

Transfers

1.9 %

21.6 %

SADAD

2.7 %

23.0 %

E-wallets

0.3 %

0.5 %

Cheques

--

0.2 %

Direct debit

0.1 %

0.1 %

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