Card-based transactions in August rise spurred by digital payment rush News

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RIYADH: Saudi Arabia’s spending through point-of-sales terminals in August increased 10 percent 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.

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