The kingdom spending through point-of-sales terminals increased 10 percent in august to SR54.6 billion ($14.56 billion) compared to the year-ago period, according to the apex bank.
The Saudi Central Bank, also known as SAMA, said that the key objective of the Financial Development Program is to promote digital payment solutions in transforming the Kingdom into reaching 70 percent non-cash payments by 2025.
Mobile phone payments recorded an 18 percent growth in August to SR19.5 billion compared to SR16.6 billion in the corresponding period last year.
On the other hand, purchases using cards in August touched SR31.7 billion — almost SR2 billion over the same month last year.
E-commerce transactions using MADA cards in August surged 27.4 percent to SR14.4 billion against the respective month in 2022.
This aspect has become popular for small-value purchases, reducing the reliance on ATMs.
While the number of ATMs may decrease, the overall trend suggests a shift toward digital and card-based payments whereby Saudis are increasingly comfortable with electronic transactions and use the teller machines less frequently for cash withdrawals.