E-payment in Saudi Arabia grows 75% in 2020 amid Covid-19 

RIYADH: Saudi Arabia’s e-payment transactions increased by 75 per cent in 2020 due to Covid-19 outbreaks, the Saudi Press Agency reported on Thursday.

Fintech Saudi’s National Fintech (financial services technology) Adoption Survey Results Report 2021 also revealed a reduction in cash withdrawals through ATM machines by 30 per cent in the same period.

One of the key findings of the survey is that most of the population use cash once a week, while 25 per cent of respondents used cash once a month and 18 per cent of respondents have not used cash in over six months.

Meanwhile, 93 per cent of respondents primarily conduct their banking activities electronically.

Fintech Saudi was launched by the Saudi Central Bank in partnership with the Capital Market Authority in April 2018 to act as a catalyst for the development of the fintech industry in Saudi Arabia.–Xinhua