The Saudi Central Bank (SAMA) has said that the practice of cash payments in Saudi Arabia is no longer widespread.
According to Saidti magazine, the Saudi Central Bank says that in the review conducted from July 2021 to September, it has come on record that the practice of cash payment in the kingdom has not been very high. 1500 individuals and 218 institutions were included in the review.
The survey revealed that 62 percent of customers are paying online while the proportion of cash payers is 38 percent.
The launch of the instant payment system 'Sari', the convenience of making payments through smart devices has also been a major reason.
During the Corona epidemic, the trend of online payment has increased.
A program to modernize the financial sector in Saudi Arabia aims to increase the rate of online payments to 70 percent by 2025.
Saudi citizens, expatriates and institutions are preferring online payment systems due to faster payment and lower cost.
Apart from this, the crime rate is also decreasing with online payment as compared to cash payment.
