The share of cash in Saudi Arabia declined in POS, as credit cards and mobile wallets are increasingly being promoted in the country. The source predicts that cash will stop being the majority payment method in physical stores by 2025 as wallets like Saudi Telecom's STC Pay are expected to see an increasing user count. Few figures are available, however, on how far developed digital payments are in the MENA country. The Saudi Central Bank spoke of a major increase in contactless payments by October 2021, with contactless payments adoption being around 94 percent.
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Saudi Arabia (KSA) from 2017 to 2023, with a forecast for 2027
* The source changed its categories in 2021, see the "Details" tab for more information.
Supplementary notes
In 2022, the source stated it made two changes to the categories used in previous years. These include a combination of "credit cards" with "charge/deferred debit cards" and the split of BNPL from "POS financing" (which itself was added as a new category in 2020). The latter change was made to atone for the "growing importance of BNPL". This seems to have been reverted for "POS financing" in the 2023 report - which covered the figures for 2022.
The figures have been taken from several publications. No figures were available for 2018 as the source did not release any reports that year.
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Worldpay. (March 21, 2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Saudi Arabia (KSA) from 2017 to 2023, with a forecast for 2027 [Graph]. In Statista. Retrieved November 03, 2024, from https://www.statista.com/statistics/1296910/preferred-payment-methods-saudi-arabia/
Worldpay. "Market share of cash, credit cards, and other payment methods at point of sale (POS) in Saudi Arabia (KSA) from 2017 to 2023, with a forecast for 2027." Chart. March 21, 2024. Statista. Accessed November 03, 2024. https://www.statista.com/statistics/1296910/preferred-payment-methods-saudi-arabia/
Worldpay. (2024). Market share of cash, credit cards, and other payment methods at point of sale (POS) in Saudi Arabia (KSA) from 2017 to 2023, with a forecast for 2027. Statista. Statista Inc.. Accessed: November 03, 2024. https://www.statista.com/statistics/1296910/preferred-payment-methods-saudi-arabia/
Worldpay. "Market Share of Cash, Credit Cards, and Other Payment Methods at Point of Sale (Pos) in Saudi Arabia (Ksa) from 2017 to 2023, with a Forecast for 2027." Statista, Statista Inc., 21 Mar 2024, https://www.statista.com/statistics/1296910/preferred-payment-methods-saudi-arabia/
Worldpay, Market share of cash, credit cards, and other payment methods at point of sale (POS) in Saudi Arabia (KSA) from 2017 to 2023, with a forecast for 2027 Statista, https://www.statista.com/statistics/1296910/preferred-payment-methods-saudi-arabia/ (last visited November 03, 2024)
Market share of cash, credit cards, and other payment methods at point of sale (POS) in Saudi Arabia (KSA) from 2017 to 2023, with a forecast for 2027 [Graph], Worldpay, March 21, 2024. [Online]. Available: https://www.statista.com/statistics/1296910/preferred-payment-methods-saudi-arabia/
