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Learn moreDec 2020
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Debit card transactions continued to see positive growth in 2020, although at slightly slower rates compared to the previous year as consumers were more cautious in their spending as a consequence of the economic impact of COVID-19. For purchases, consumers in Saudi Arabia are demonstrating an increasing preference for using their Mada-enabled debit cards for making smaller value transactions instead of using cash.
At the beginning of 2020, the Saudi financial sector was already headed in a more digitally focused direction, which equipped it to meet the challenges of the COVID-19 crisis. Since the Saudi Arabian Monetary Authority (SAMA) enabled debit card transactions to be cleared by the Saudi Payments Network (Mada), digital payments have been boosted in the kingdom, partly due to greater use of debit card payments on online platforms, as seen in the leap in the value share of cardholder not present debit card transactions.
In volume terms in 2020, cash continued to dominate the number of transactions made in Saudi Arabia, and thus remained the leading consumer payment transactions mechanism, although still continuing to decline. However, cash is dwindling in terms of its minor value share of overall transactions in Saudi Arabia.
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Discover the latest market trends and uncover sources of future market growth for the Debit Transactions industry in Saudi Arabia with research from Euromonitor's team of in-country analysts.
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Euromonitor’s industry reports, including Debit Transactions in Saudi Arabia, originate from our database within our Consumer Finance market share and market size database.
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