Saudi Arabia is the first in the Middle East and the ninth in the world in Real-Time Payments, according to ACI Worldwide Report
Saudi Arabia topped the scene in the electronic payments market in the Middle East, after achieving 352 million real-time payment transactions during the past year 2022. These numbers are expected to rise to 1.2 billion transactions in 2027, at an annual growth rate of 26.1%.
Saudi Minister of Finance Mohammed Bin Abdullah Al-Jadaan
This achievement came in celebration of the Saudi government’s role in supporting digital transformation and encouraging cashless payments. Among the measures taken by the government to improve the attractiveness of electronic payment is to encourage consumers to adopt new forms of payments away from cash, in part due to the difficult circumstances imposed by the pandemic on societies.
According to the “Prime Time for Real Time” report for the year 2023, published by ACIW, which is specialized in payment programs and systems, and Globe Data, which is specialized in data and analytics, it is expected that electronic transactions in the Middle East will witness a significant increase, and their value is expected to grow from $675 million in 2022, to $2.6 billion by 2027.
On the other hand, Saudi Arabia entered the list of the top 10 countries in the world in adopting mobile phone wallets, and ranked ninth, after its users exceeded 80% of the total consumers.
It should be noted that this achievement reflects Saudi Arabia’s great commitment to implementing digital transformation and developing electronic payment services, in a way that meets the needs of society and the economy in general.
In the end, these numbers prove Saudi Arabia’s success in reaching the forefront of the electronic payments market in the Middle East, opening the door to success and the digital development of society and the economy.
