Saudi Press

Saudi Arabia and the world
Monday, May 27, 2024

Middle East’s real-time transaction growth driven by Saudi Arabia, says new report

Middle East’s real-time transaction growth driven by Saudi Arabia, says new report

Saudi Arabia recorded 352 million real-time payment transactions in 2022 amid its push to modernize the country’s payments infrastructure to foster economic growth and financial inclusion.
According to a recent report published by the payment software provider ACI Worldwide in partnership with data analytics firm GlobalData, the Kingdom is expected to continue to lead the Middle East region, with real-time payment transactions forecast to climb to 1.2 billion in 2027, registering an annual growth of over 26 percent.

Real-time payments refer to financial transactions that are initiated and settled nearly instantaneously using digital infrastructure.

As Saudi Arabia is modernizing the national payment infrastructure, the majority of payments in the Kingdom are expected to be electronic in the next four years, with 7.4 percent being real-time payments and 48.6 percent other forms of electronic payments, the report added.

Santhosh Rao, senior vice president at ACI Worldwide, said: “With two-thirds of the population under the age of 25, real-time payments are going to continue to flourish and pave the way for more economic growth and financial prosperity across Saudi Arabia.”

The report credits much of the Kingdom’s real-time payments success to the Vision 2030 plan, which seeks to modernize and diversify the economy.

“As an early adopter of real-time payments infrastructure, the market has seen outstanding growth over the last few years, and this is only set to continue as the country focuses on its Vision 2030 agenda,” Rao added.

All these measures have seen Saudi Arabia breaking into the global top 10 for mobile wallet adoption, said the report, adding that 80 percent of consumers in the Kingdom stated being avid users of this payment method

“This can be partly attributed to the Kingdom’s response to COVID-19, as the government urged consumers to adopt new forms of cashless payments,” it said.

Saudi Arabia’s major shift toward electronic payment comes as the Middle East region remains the fastest-growing real-time payments market globally, with transactions expected to grow from $675 million in 2022 to $2.6 billion by 2027.

The report added that governments and regulators in the Middle East are setting new mandates that will help facilitate the adoption process, with countries including the UAE, Qatar, Kuwait, and Oman expected to launch local real-time schemes in the near future.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
US and UK to Reject ICJ Ruling on Israel's Rafah Offensive
World Court Orders Immediate Halt to Israeli Offensive in Gaza
Global Life Expectancy Dropped By 2 Years Due To COVID-19
US Refuses World Court Jurisdiction
Norway, Ireland, and Spain Recognize Palestinian State
Iran President Ebrahim Raisi's Death Alters Succession Dynamics
ICC Seeks Arrest Warrants for Israeli and Hamas Leaders
Death of Iran's President Raisi Stirs Succession Race for Supreme Leader
Saudi Arabia's Flourishing Venture Capital Sector Attracts International Investments
Saudi Aviation Sector Boosts Economy with $21 Billion Contribution
Blinken orders crackdown on Israel-Hamas leaks
Future Aviation Forum 2024 to Propel Saudi Arabia’s Vision 2030
What Happens If an Iranian President Dies in Office?
Iranian President Ebrahim Raisi Reportedly Killed in Helicopter Crash
Saudi Arabia Advances Procurement and Supply Chain Innovation
Saudi Arabia’s Holdings in US Treasuries Rise to $135.9 Billion
Saudi Arabia Emerges as a Hub for Sustainable Technology Manufacturing
UN General Assembly Approves Palestinian Membership Bid
Teens Forming Friendships with AI Chatbots
WhatsApp Rolls Out Major Redesign
Neuralink's First Brain Implant Experiences Issue
Apple Unveils New iPad Pro with M4 Chip, Misleading AI Claims
OpenAI to Announce Google Search Competitor
Apple Apologizes for Controversial iPad Pro Ad Featuring Instrument Destruction
FedEx Airlines Boeing 767 cargo plane lands on nose at Istanbul Airport
Apple Faces Significant Sales Decline Amid AI Integration Delay
Netanyahu's Firm Stance Amid Rafah Hostage Talks
BlackRock to Establish Saudi Investment Firm
Dubai's New Al Maktoum International Airport: World's Largest with ₹2900 Crores Investment, 5 Runways, and 260 Million Annual Capacity
New UK Laws: Banning Weak Passwords for Internet-Connected Devices to Enhance Cybersecurity
Blinken on Gaza: Ceasefire is Key to Humanitarian Crisis Resolution
UAE Prime Minister Announces $544M for Home Repairs after Historic Rains, Vows to Learn from Experience
Germany Sends New Frigate to Red Sea to Protect Ships Amid Houthi Attacks
Isfahan Explosions: US Media Reports Israel's Retaliatory Strikes on Iran
Four Dead, Dubai Airport Disrupted: UAE's Heaviest Rains in 75 Years Cause Flooding and Flight Chaos
Dubai's Historic Flooding: Homes Ruined, Airport Disrupted Due to Lack of Storm Drains
Meteorologist Warns of 'Weather Wars' Amid Debate over Dubai Rain and Cloud Seeding
Saudi Arabia Leads in Artificial Intelligence Development: Ranked First by Stanford University Index
Dubai's Airport and Roads Disrupted for Third Day Amid Heavy Rain and Flooding: 1,285 Flights Cancelled or Diverted
Doha Hamad Overtakes Singapore Changi as World's Best Airport in Skytrax Awards 2024
Dubai Airports: Stranded Tourists 'Living on Duty Free,' Desperate for Food and Water
Turkish President Erdogan to Host Hamas Leader Haniyeh Amidst Israel Tensions
BOEING WHISTLEBLOWER: THE MAX AIRPLANE IS NOT SAFE!!!
Creative menu of a Pizza restaurant..
Heavy Rains Cause Flooding in UAE and Oman: 18 Lives Lost
Look at this weather in Dubai. It looks like the end of days
You can be a very successful player, but a player with character is another level!
Come to Dubai, ya Habibi
Stay safe, ya Habibi
Dubai underwater, Influencers are stranded in their Rolls Royces in flooded roads as skies turn black in apocalyptic scenes as storm hits region.
×