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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.

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Japan Plans 'World First' Deep-sea Mineral Extraction

The Chikyu, pictured here in 2013, will drill around the remote island of Minami Torishima. TOSHIFUMI KITAMURA / AFP/File
The Chikyu, pictured here in 2013, will drill around the remote island of Minami Torishima. TOSHIFUMI KITAMURA / AFP/File
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Japan Plans 'World First' Deep-sea Mineral Extraction

The Chikyu, pictured here in 2013, will drill around the remote island of Minami Torishima. TOSHIFUMI KITAMURA / AFP/File
The Chikyu, pictured here in 2013, will drill around the remote island of Minami Torishima. TOSHIFUMI KITAMURA / AFP/File

Japan will from January attempt to extract rare earth minerals from the ocean floor in the deepest trial of its kind, the director of a government innovation program said Thursday.

Earlier this week the country pledged to work with the United States, India and Australia to ensure a stable supply of critical minerals, as concern grows over China's dominance in resources vital to new technologies.

Rare earths -- 17 metals difficult to extract from the Earth's crust -- are used in everything from electric vehicles to hard drives, wind turbines and missiles.

China accounts for almost two-thirds of rare earth mining production and 92 percent of global refined output, according to the International Energy Agency.

A Japanese deep-sea scientific drilling boat called the Chikyu will from January conduct a "test cruise" to retrieve ocean floor sediments that contain rare earth elements, said Shoichi Ishii, director of Japan's Cross-ministerial Strategic Innovation Promotion Program.

"The test to retrieve the sediments from 5,500 meters (3.4 miles) water depth is the first in the world," he told AFP.

"Our goal... of this cruise is to test the function of all mining equipment," so the amount of sediment extracted "doesn't matter at all", Ishii added.

The Chikyu will drill in Japanese economic waters around the remote island of Minami Torishima in the Pacific -- the easternmost point of Japan, also used as a military base.

Japan's Nikkei business daily reported that the mission aims to extract 35 tons of mud from the sea floor over around three weeks.

Each ton is expected to contain around two kilograms (4.4 pounds) of rare earth minerals, which are often used to make magnets that are essential in modern electronics.

Deep-sea mining has become a geopolitical flashpoint, with anxiety growing over a push by US President Donald Trump to fast-track the practice in international waters.

Beijing has since April required licenses to export rare earths from China, a move seen as retaliation for US curbs on the import of Chinese goods.

Environmental campaigners warn that deep-sea mining threatens marine ecosystems and will disrupt the sea floor.

The International Seabed Authority, which has jurisdiction over the ocean floor outside national waters, is meeting later this month to discuss a global code to regulate mining in the ocean depths.