RIYADH: According to current data, Mada card sales in Saudi e-commerce hit SR18.34 billion ($4.89 billion) in October, representing an approximate 37% yearly rise.
The Kingdom’s central bank, or SAMA, claims that this number does not include Visa, MasterCard, or other credit card transactions, but rather covers payments made through e-wallets, in-app purchases, and online shopping.
The national payment cards of Saudi Arabia are called Mada cards, and they provide both prepaid and debit services inside the network. They contribute significantly to the nation’s cashless economy by using Near Field Communication for contactless payments, which enable safe transactions at stores and online.
The Kingdom’s Fashion Commission reports that 98 percent of Saudi customers own a smartphone, demonstrating their level of digital readiness in comparison to more developed markets like the US (90 percent) and the UK (80%).
Rising disposable incomes and increased awareness of the advantages of e-commerce, such as cost savings and convenience, are driving the Kingdom’s young and more affluent populace to embrace online shopping.
Saudi Arabia’s gross domestic output per capita is steadily increasing; the IMF projects that it will reach $38,124.66 by 2029, a 15.95 percent growth.
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