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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