The shift towards a ‘Less Cash’ society continues.

Overall, the progressive growth of non-cash payments in the Kingdom – prompting a change in consumer behavior and a reduction in the share of cash payments – supports the drive towards a more efficient commercial ecosystem with a lower dependence on the relatively expensive logistics infrastructure required to support cash.

However, while innovation and development in the broad digital payments space continues to support (consumer and business) customers’ choice in payment means – including regulatory and technical systems reform to support new payment service providers and new payment solutions - cash will remain a significant and important feature in the overall payments ecosystem in the Kingdom.

To this end, cash will continue to be supported by the Saudi Central Bank in its strategic payments program which is both an important and essential decision.

Nezar Alhaidar Eyad Albayouk, CPA, CFA Lujain Nassif Ryan Alnesayan Maher Loubieh Khalil Alami Abdulmajeed Alsukhan Omar Knio Abdulaziz Abanmi Mohamed Roushdy, MBA Ziyad Alajlan
Raad AlBarakati Saudi Central Bank – SAMA SAUDI PAYMENTS Fintech Saudi | فنتك السعودية