E-Payments Hit Record Figure in Saudi Arabia

E-Payments Hit Record Figure in Saudi Arabia
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E-Payments Hit Record Figure in Saudi Arabia

E-Payments Hit Record Figure in Saudi Arabia

Saudi Payments, a Saudi Arabian Monetary Authority (SAMA) subsidiary, has revealed an unprecedented figure for e-payments.

Such payments exceeded two billion transactions through points of sale (POS) in the Kingdom since early 2020 until mid-October, with an increase of more than 69 percent compared to the same period last year.

The total purchasing value amounted to SAR269 billion ($71.7 billion), an increase of about 21 percent compared to the same period in 2019.

Also, an increase was recorded in the number of POS devices to more than 614,000 in various retail sectors across the Kingdom.

Payments made through Apple Pay and Mada Pay accounted for 25 percent of the total number of transactions on POS devices until the end of Q3 2020.

According to a statement issued on Tuesday, “this increase in the number of e-payments comes in line with Saudi Payments efforts to achieve the goals of the Financial Sector Development Program” as part of the Kingdom’s Vision 2030.

The program seeks making the Saudi community less dependent on cash by reaching 70 percent of e-transactions by 2030, the statement added.

To achieve this target, Saudi Payments has been working on raising the efficiency of financial transactions for all business sectors through the permanent development of the national payments system’s infrastructure to provide more flexibility and security in various means of e-payments.

The statement further noted that many factors have helped the Kingdom reach this new record, including coordination and joint efforts among SAMA, the national anti-commercial concealment program and Saudi Payments.

This cooperation has contributed to compelling e-payment methods in the retail sector starting from late August, including gas stations, shops selling auto parts, clothes, foodstuffs, mobiles, personal service activities (laundries, beauty salons and barbershops) and other commercial sectors.

Saudi Payments CEO Fahd al-Akeel said this new record reflects the success of the company in helping the society be less dependent on cash transactions.

“We seek to bolster the infrastructure for payments and e-commerce in the coming period,” he stated, adding that this includes facilitating payment processes, which will contribute to providing a smoother experience for consumers in the Kingdom.



China Says Successful US Trade Talks Make Return to Tariff War Unnecessary

Wang Wentao, China's Minister of Commerce, speaks during a press conference in Beijing on July 18, 2025. (Photo by WANG Zhao / AFP)
Wang Wentao, China's Minister of Commerce, speaks during a press conference in Beijing on July 18, 2025. (Photo by WANG Zhao / AFP)
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China Says Successful US Trade Talks Make Return to Tariff War Unnecessary

Wang Wentao, China's Minister of Commerce, speaks during a press conference in Beijing on July 18, 2025. (Photo by WANG Zhao / AFP)
Wang Wentao, China's Minister of Commerce, speaks during a press conference in Beijing on July 18, 2025. (Photo by WANG Zhao / AFP)

China wants to bring its trade ties with the US back to a stable footing, its commerce minister said, adding that recent talks in Europe showed there was no need for a tariff war while urging the US to act in a manner befitting of a superpower.

According to Reuters, Commerce Minister Wang Wentao told reporters on Friday that the "ups and downs" in the two countries' relationship underscored their economic interdependence.

Asked about the United States specifically, Wang said: "Major countries should act like major countries. They must shoulder their responsibilities," adding that China would protect its national interests.

China is facing an August 12 deadline to reach a durable tariff agreement with the United States, after Beijing and Washington reached a preliminary deal last month to end weeks of escalating tit-for-tat tariffs.

If no deal is reached, global supply chains could face renewed turmoil from duties exceeding 100%.

Wang said negotiations in Geneva and London earlier this year demonstrated there was no need to return to a trade war.

"Practice has proven that through dialogue and consultation, with leadership and communication at the highest levels, we can properly manage contradictions and resolve our differences," he said.

"We will continue to strengthen dialogue and communication, deepen consensus, reduce misunderstandings, enhance cooperation, to jointly put China-US economic and trade relations back on track to achieve healthy, stable and sustainable development."

China's rare earths exports rose 32% month-on-month in June, customs data showed on Monday, in a sign that agreements struck last month in London to free up the flow of the metals were possibly bearing fruit.

Chipmaker Nvidia will also resume selling its H20 AI chips to China, Chief Executive Jensen Huang said at an event in Beijing this week, a move US Commerce Secretary Howard Lutnick said was also part of negotiations on rare earths.

Wang said on Friday that he had met Huang the previous day, describing the meeting as evidence that "as the dust settles, everyone has come to the conclusion - especially the US side - that forced decoupling is impossible."

Wang said the current overall tariff level imposed by the US on China was "still high" at 53.6%. Analysts have said that additional duties exceeding 35% will probably wipe out Chinese manufacturers' profit margins.

"Both sides have come to understand that they need each other, as lots of the goods and services that we exchange are irreplaceable, or at least difficult to exchange in the short-term," Wang said.

"China does not want a trade war, but it is not afraid of one," he reiterated.