RIYADH: Saudi Arabia’s e-commerce sales via MADA cards reached a record SR27.55 billion ($7.34 billion) in March, marking a 73.4 percent year-on-year increase. The surge highlights the rapid growth of the Kingdom’s digital payment ecosystem.
According to the Saudi Central Bank (SAMA), online transactions through the national card network reached 147.6 million, a 54.5 percent rise compared to March 2024. These figures represent transactions made through websites, mobile apps, and e-wallets linked to MADA, excluding international card networks like Visa and MasterCard.
MADA, Saudi Arabia’s domestic debit card network, plays a crucial role in the Kingdom’s non-cash economy by enabling secure, contactless payments through NFC technology for both online and in-store transactions. This growth reflects rising consumer confidence, the expanding fintech ecosystem, and national investments in financial technology.
In a move to further digitize the economy, SAMA signed an agreement with Google in April to introduce Google Pay in Saudi Arabia, using MADA infrastructure. Expected to launch later this year, this integration will allow users to manage their MADA-linked cards within Google Wallet for secure transactions across physical stores, apps, and websites.
This initiative is part of a broader strategy by SAMA to build a robust digital payments infrastructure and reduce dependence on cash transactions. SAMA is also supporting financial inclusion by licensing new fintech players, such as Barq, launching e-wallet platforms, and facilitating the operational launch of STC Bank.
In addition to e-commerce, MADA-based point-of-sale (POS) transactions in March totaled SR65.67 billion, reflecting a 10.02 percent year-on-year increase. E-commerce sales accounted for 42 percent of total POS transaction value, up from 27 percent last year, signaling the accelerated growth of online spending compared to in-store purchases.
POS transactions at retail stores, restaurants, and service outlets remain a key component of consumer spending. However, with Saudi Arabia targeting over 70 percent of all transactions to be non-cash by 2025, the latest figures underscore the Kingdom’s rapid digital transformation, with MADA at the core of this shift.
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