Saudi Arabia's Point-of-Sale Transactions Surge 20% to $14.33bn in February: Food, Beverages Top Spending Categories
In February 2023, point-of-sale (POS) transactions in Saudi Arabia increased by 20% to reach a total of $14.33 billion (SR53.72 billion).
The largest categories of spending were beverages and food, which accounted for 15.7% of the total at $1.84 billion (SR6.83 billion), and restaurants and cafes, which accounted for 15% of the total at $1.99 billion (SR7.02 billion).
POS transactions represent purchases made in stores, such as cash register transactions or card swipes.
Saudi Arabia is experiencing a significant increase in Point of Sale (POS) payments due to its focus on digital transformation and investments in a tech-driven future.
Over 93% of these sales utilize Near-Field Communication (NFC) technology through mobile phones and cards.
NFC methods have become popular for contactless payments in Saudi Arabia due to their speed and hygienic benefits, reducing the need for physical contact.
As consumer acceptance grows, businesses are rapidly integrating NFC technology into their payment systems.
The text discusses the trend towards digital transactions and the closure of 349 ATMs since February 2023, while 5.4 million new cards were issued.
This shift reflects customers' desire for efficiency and security.
Spending data showed an increase in purchases of miscellaneous goods and services, which accounted for 20% of the total rise in Point of Sale (POS) sales during the period.
The new transactions were facilitated with advanced security features to prevent fraud.