Saudi Press

Saudi Arabia and the world
Thursday, Jul 10, 2025

Saudi Arabia record highest adoption of NFC payments by 94%

Saudi Arabia record highest adoption of NFC payments by 94%

Saudi Arabia topped the highest rate of Near-Field Communication (NFC) payments adoption by 94%, surpassing EU, Middle East and North Africa countries, in addition to Hong Kong and Canada.
The successful progress of Saudi Arabia in payment operations comes within the framework of the strategic vision of the Saudi Central Bank (SAMA), which was launched from the objectives of the Financial Sector Development Program (FSDP), one of Saudi Arabia's Vision 2030.

The FSDP aims to enhance e-payment, decreasing cash handling to reach 70% of e-payments from the total payments by 2025.

It is worth mentioning that the total cash and e-payments that have been conducted are approximately 11.3 billion transactions on all levels, individuals, business and government.

E-payments accounted for 62% with 7 billion transactions, and the value of payment operations is estimated at SR15.6 trillion, of which electronic payments represent SR14.2 trillion.

According to the report of the Financial Sector Development Program (FSDP) for 2021, the number of point of sale (POS) devices inside Saudi Arabia has exceeded 1 million.

They are available at commercial sales outlets in 180 cities and villages around the Kingdom, which proves that consumers are more convinced of the importance of relying on digital payment methods in their daily transactions.

Convincing consumers of digital payment methods contributes to directly supporting the work on the directions of the Kingdom’s leadership in digitizing the Saudi economy.

POS devices are one of the most important possibilities to achieve the most important strategic objectives of the FSDP for the growth of payments digitization. It will also work to increase its spread in all commercial sectors in Saudi Arabia.

In a report issued by SAMA on the results of an extensive study on the use of payment methods in the Kingdom during 2021, said that for the first time in Saudi Arabia, cash is no longer the most used method of payment by individuals.

E-payments to individuals have grown significantly to reach 57% in 2021 of the total number of operations executed, compared to 2019, as it reached 36% at the time, which means that it has exceeded the target percentage within the FSDP, which was set at 55% for the year 2021.

In 2021, the share of e-payments in the business sector reached 84%, compared to 51% in 2019, resulting in a growth of 65% in two years.

SAMA's report confirmed that the government sector has almost completely relied on e-payment methods to complete all different payment processes to all beneficiaries, such as individuals, establishments, and businesses, in addition to other government agencies.

The report also indicated that the fields of e-commerce have expanded more and included most of its fields, such as buying and selling, noting that it relied on e-payment methods that contributed greatly to facilitating the process of exchanges such as reducing time and cost, as well as eliminating the problem of lack of liquidity, in addition to the fact that it has become an engine of economic development.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×