The central bank: the number of point-of-sale devices exceeds one million in Saudi Arabia

Today, Thursday, the Saudi central bank announced that the number of point-of-sale devices within the Kingdom has exceeded one million, available in commercial outlets. in more than 180 towns and villages.

The Central Bank stated, in a note, that the increase in devices is due to the strategic plan on which it has been working with the participation of the financial sector in recent years.

He explained that this adds up to large investments in the development of payment sector infrastructure and the development of possible regulatory frameworks to stimulate the private sector to expand and innovate and open up financial services to new types of actors, which will directly contribute to achieving the goal of the Financial Sector Development Program, one of the Kingdom’s Vision 2030 programs. Achieve 70% of digital payments by 2025 of all payments.

The Central indicated that “Saudi Payments” efforts in developing and managing the infrastructure and enabling financial agencies to provide the latest digital payment technologies; He had a significant impact on this achievement as one of the contributors to this vital and important sector for the advancement of the payments industry.

For his part, Deputy Governor of the Saudi Central Bank for Development and Technology, Ziyad bin Bandar Al-Yousef, said the number of point-of-sale devices in the Kingdom has exceeded one million, indicating an increase in consumer conviction. and shop together by relying on digital payment methods in their daily transactions.

He added that the year 2021 saw point-of-sale devices growth of more than 40%, as the number of devices increased from 721,000 devices by the end of AD 2020 to break through the barrier of one million devices by. the end of 2021, and this increase coincides with a significant growth of 80% of transactions performed through POS devices, as the number of transactions on POS devices reached over 5 billion by the end of 2021, compared to 2, 8 billion in 2020.

Al-Youssef pointed out that there are several factors that have contributed to these increases, the most important of which is cooperation with government agencies to provide digital payment options. in various business sectors, raise public awareness of the importance of digital payments and increase the number of companies providing payment services, having started licensing in early 2020. In addition to providing new services, such as: payments through smart devices (Mobile Payments), and the launch of the smart point of sale service (Soft PoS).

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