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The national pillar of digital payments
Newsweek US
|February 03-10, 2023 (Double Issue)
Since its establishment in 2019, Saudi Payments has positioned the country as a global champion in digital payments and financial innovation
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Between January and November 2022 digital financial transactions reached 7.7 billion in Saudi Arabia, while 96.5 percent of face-to-face transactions were contactless.
This rapid adoption of electronic finance is being driven by Saudi Payments, a subsidiary of the Saudi Central Bank (SAMA). "In line with Vision 2030's Financial Sector Development Program, our main task is to enable the payment system to provide safe, reliable and innovative services that achieve interoperability between system participants and are easily accessed,” explains its managing director, Abdulaziz Al Afaleg.
This story is from the February 03-10, 2023 (Double Issue) edition of Newsweek US.
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