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Digital payments in Saudi Arabia surge by 75% amid pandemic


RIYADH: Digital payment transactions in the Kingdom jumped by 75 percent in 2020 as Saudi consumers embraced online shopping during the coronavirus (COVID-19) pandemic, while cash withdrawals from ATMs and other payment points fell 30 percent over the same period.
Point of sale (PoS) refers to a place where customers can execute payments for goods or services. This can be a credit card in a clothes store, a digital payment in a coffee shop or through a food delivery app.
Speaking to Arab News, Talat Zaki Hafiz, economist and secretary-general of the media and banking awareness committee for Saudi banks, said: “The total number of the PoS operations in 2020 amounted to about 2.8 billion, an increase of 75 percent compared with the same period in the previous year.” ....

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