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News

Online payments in Saudi Arabia jump by more than 400%

Tuesday 14 April 2020 08:16 CET | News

The Saudi Press Agency (SPA) has reported that online payments in the country jumped by more than 400% in the first quarter of 2020 compared to the same period last year.

The findings:

  • the number of online payments reached 7.3 million, valued at USD475.81 million (SR1.79 billion);
  • more than 2.7 million Mada cards – the local debit cards in the country - were used for online payments in March — a 15% increase from February;
  • the number of payment transactions using point of sale (POS) machines increased in the first quarter by 67% year-on-year, reaching 543 million.

Last month, the Saudi Arabian Monetary Authority (SAMA) instructed banks to enable customers to increase their purchase limits through POS reliable channels from SR100 to SR300.

SAMA also instructed that all money transfers be made in riyals between banks operating in the country via the Saudi Arabian Riyal Interbank Express (SARIE) system free of charge.


Source: Link


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Keywords: Mada card, report, online payments, Saudi Arabia
Categories: Payments & Commerce
Companies:
Countries: Saudi Arabia
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