Written by 22:42 News, Saudi Arabia

Mada Card Sales in Saudi Arabia Reached $53 Billion in 2024

Mada Card Sales in Saudi Arabia Reached $53 Billion in 2024

RIYADH: According to data from the Kingdom’s central bank, Mada card-based e-commerce sales in Saudi Arabia reached SR197.42 billion ($52.64 billion) in 2024, a 25.82 percent increase from the previous year. According to data made public by the organisation, sales in December came to SR19.37 billion, a 42.06 percent rise over the same month the year before. These numbers do not include credit card transactions like Visa and MasterCard, but they do include payments for in-app purchases, internet shopping, and e-wallet transactions.

Within its network, Mada, the Kingdom’s national payment card system, accepts both prepaid and debit services. The cards enable safe transactions in physical stores and online by using near-field communication technology for contactless payments. “The increasing spending power in Saudi Arabia, driven by factors like dual-income households and higher overall economic strength, is fuelling market growth,” Mohammed Dhedhi, partner in the consumer and retail practice team at Kearney Middle East and Africa, told Arab News.

“Further supporting the transition to a more digital economy, the widespread use of NFC-capable devices has greatly increased the penetration of digital payment channels like Mada,” he continued. Alongside the spike in sales, there was a notable increase in e-commerce transactions, which rose by 28.86 percent annually to around 1.13 billion transactions in 2024. December recorded 105.73 million transactions, an annual increase of 30.47 percent.

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