Posted 3/24/2024, 11:14:16 AM
Saudi POS Payments Jump 11% to $14B, Riyadh Leads Growth Towards 70% Cashless Target
- POS payments in Saudi Arabia increased 11% year-over-year in January 2024, reaching $14.35 billion
- Spending was highest on miscellaneous goods/services, beverages/food, and restaurants/cafes
- Riyadh accounted for 34% of total POS transactions due to population and business growth
- Saudi Arabia aims for 70% non-cash transactions by 2030, expanding fintech market potential
- Mastercard signed a deal with Saudi fintech firm Loop to provide advanced credit card options