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SAMA: E-Payments Exceed Target

Saudi Arabian Monetary Authority (SAMA) logo
Saudi Arabian Monetary Authority (SAMA) logo
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SAMA: E-Payments Exceed Target

Saudi Arabian Monetary Authority (SAMA) logo
Saudi Arabian Monetary Authority (SAMA) logo

The Saudi Arabian Monetary Authority (SAMA) revealed that electronic payments for the retail sector amounted to more than 36 percent of all payments available, exceeding the target percentage of the Financial Sector Development Program.

SAMA indicated that the program, one of Vision 2030 programs, stipulates that the share of non-cash transactions should be increased by 28 percent by 2020.

This achievement is based on SAMA's strategy for payment systems and the Financial Sector Development Program, which aims to enhance electronic payment and reduce cash handling to reach 70 percent of total payments in the Kingdom by 2030, for its many positive effects.

These include providing customers with excellent experience in facilitating payment processes, reducing cash transaction costs on the local economy, enhancing transparency in transactions, and direct impact on the efficiency of the national economy.

The reduction of cash transactions is one of the most important strategic objectives that SAMA has been working on during the past period through the completion of several initiatives, projects and investments in the digital payments sector in line with the objectives of the Program.

E-payment methods varied, with the card payments making the largest share of approximately 31.3 percent, while other means varied between payments platform “SADAD”, remittances and others.

SAMA pointed out that the record growth rates witnessed in the electronic payments through the national payment system “Mada”, which recorded unprecedented spikes in the number and value of purchasing transactions in the past years.

The growth rate until the end of September 2019 was about 50 percent.

SAMA pointed out that the growth indicators in the point of sale service were also accompanied by a noticeable expansion in the number of devices and their base of spread which included various commercial sectors. The total number of devices exceeded more than 407 thousand devices by the end of September 2019 compared to 107 thousand devices by the end of 2013.

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Saudi Energy Minister: OPEC+ Now Key Stabilizer of Oil Prices

Saudi Energy Minister Prince Abdulaziz Speaks at St. Petersburg Economic Forum – (X)
Saudi Energy Minister Prince Abdulaziz Speaks at St. Petersburg Economic Forum – (X)
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Saudi Energy Minister: OPEC+ Now Key Stabilizer of Oil Prices

Saudi Energy Minister Prince Abdulaziz Speaks at St. Petersburg Economic Forum – (X)
Saudi Energy Minister Prince Abdulaziz Speaks at St. Petersburg Economic Forum – (X)

Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday that the OPEC+ alliance has become a key stabilizing force for oil prices and the broader energy market, describing the group as a reliable and adaptive coalition that responds only to market realities.

 

Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz stressed that OPEC+ is flexible and reacts only to facts, not speculation.

 

“We are a credible alliance that adapts as circumstances evolve,” he told a session that also featured Russian Deputy Prime Minister Alexander Novak.

 

The minister’s remarks came on the opening day of the forum, which began with a welcome address by Russian President Vladimir Putin.

 

Putin emphasized Russia’s commitment to “sovereign development and respect for cultural and civilizational identity,” particularly within partnerships such as BRICS. He said Moscow remains committed to building a “fair and mutually beneficial international system of cooperation free from discrimination, coercion and sanctions pressure.”

 

During the joint session, Prince Abdulaziz said: “As you know, we are not the only two countries managing OPEC+. The alliance consists of 22 countries, including a core group of eight. It is our duty to maintain communication with all members and ensure joint decisions are made in response to market developments.”

 

He warned against unilateral declarations on behalf of the group, saying: “No one has the right to speak on behalf of the alliance without knowing the collective stance.”

 

Since its formation, OPEC+ has resolved “many challenges,” he added.

 

The eight core members of the OPEC+ alliance are Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. These countries are scheduled to meet on July 6 to decide whether to begin increasing production in August.

 

At the end of May, OPEC announced that the eight nations had agreed to boost oil output by 441,000 barrels per day in July, citing improving global economic conditions and strong market fundamentals.

 

When asked whether Saudi Arabia and Russia would step in to offset any potential shortfall in Iranian oil, Prince Abdulaziz said: “We only respond to facts.” He reiterated that OPEC+ remains a reliable and effective alliance, closely monitoring market developments.

 

The minister also highlighted efforts by Riyadh and Moscow to create a favorable investment climate in both countries through various joint projects, noting the importance of fostering such conditions amid current global uncertainties.

 

Novak, for his part, underscored the need for oil market stability. “OPEC+ must implement its plans calmly and avoid creating panic in the market,” he said, cautioning against overreactions at a time when oil prices have surged due to tensions between Iran and Israel.