Digital Payments in Saudi Arabia Now 80% of All Transactions, Visa Report Reveals

Saudi Arabia’s Payments Landscape Transforms as Digital Transactions Top 80%

Saudi Arabia has undergone a dramatic financial shift, with digital payments now accounting for approximately 80% of all transactions in the Kingdom, according to the latest Visa "Where Cash Hides" report. This rapid evolution highlights the success of the nation's push toward a modern, cashless economy under Saudi Vision 2030.

Key Statistics: A Nation Embracing Digital

• 80% of transactions are now digital.

• 67% of Saudi consumers are primarily non-cash users.

• Mobile payments constitute 16% of all payment activity, indicating strong adoption of digital wallets and contactless tech.

Mobile Payments Drive Growth

The surge is largely fueled by the widespread use of mobile payment technologies. Consumers are increasingly using their phones for everyday purchases—from dining to shopping—driven by convenience, speed, and enhanced security features like tokenization. This aligns with the rollout of new fintech services and partnerships with global platforms like Google Pay and Alipay+.

Cash’s Diminishing, But Persistent, Role

While digital dominates, cash hasn't vanished. It retains niche uses:

• 39% of consumers use cash for tipping.

• 28% for peer-to-peer exchanges.

• 14% for rent payments.
  This reflects a transitional phase where cultural and situational habits persist alongside digital adoption.

Drivers of the Cashless Revolution

Multiple factors are accelerating this change:

1. Vision 2030 Policy: A core focus on diversifying the economy and modernizing the financial sector.

2. Regulatory Support: The Saudi Central Bank (SAMA) has actively enhanced the payments ecosystem, supporting contactless tools and digital platforms.

3. Consumer Demand: Modern users prioritize speed, convenience, and security—all strengths of digital payments. Rewards programs and cashback offers also boost adoption.

4. Infrastructure Growth: SAMA data shows non-cash retail payments hit 79% in 2024, with 12.6 billion electronic transactions—a significant yearly increase.

Also Read: Saudi Arabia Opens Property Ownership to Foreigners in 2026: New Law & Digital Process

The Future: An Increasingly Digital Financial Ecosystem

Analysts predict digital payments will continue to gain ground, propelled by:

• Rising e-commerce

• Expanding fintech innovation

• Ongoing regulatory and private-sector initiatives

While cash will remain in specific niches, the balance has decisively shifted. This transition presents a major opportunity to enhance financial inclusion, operational efficiency, and economic growth, solidifying Saudi Arabia's position as a leading digital economy in the Middle East.