Rate of Payments Made by Smart Devices in Saudi Arabia Sees 500% Surge

FILE PHOTO: Visa credit cards are seen in this picture illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration/File Photo
FILE PHOTO: Visa credit cards are seen in this picture illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration/File Photo
TT
20

Rate of Payments Made by Smart Devices in Saudi Arabia Sees 500% Surge

FILE PHOTO: Visa credit cards are seen in this picture illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration/File Photo
FILE PHOTO: Visa credit cards are seen in this picture illustration taken June 9, 2016. REUTERS/Maxim Zmeyev/Illustration/File Photo

The executive director of Saudi Payments, a Saudi Arabian Monetary Authority (SAMA) subsidiary, revealed on Tuesday that significant growth has been registered in the number of payments made using smart devices.

Figures show a 500% surge, Fahd Al-Akeel confirmed, adding that over 9,000 online stores now support payments made by the kingdom’s “Mada” service.

Al-Akeel added that point of sale operations grew by 76% with Mada’s e-commerce operations more than doubling in size.

Saudi Arabia, according to Al-Akeel, is the fastest growing in the world in terms of the number of points of sale during the period from 2012 to 2019. The kingdom registered a compound annual growth rate of 23%.

It is noteworthy that the expansion of the infrastructure for digital payments in Saudi Arabia has led to a steady and remarkable growth in the volume of digital transactions.

Al-Akeel noted that Saudi Payments is working to benefit from the economic opportunities available in the kingdom to enhance the role of digital payments in achieving economic development, and to facilitate the movement of trade exchange by developing an infrastructure for safe, reliable and consensual payment systems that enable banks and fintech companies to innovate products and services that contribute to easing and expediting financial transactions between companies, government agencies and individuals.

Saudi Payments is a major contributor to achieving the objectives of the Financial Sector Development Program, which is a part of the national plan for transformation Vision 2030.

As a subsidiary of SAMA, Saudi Payments is considered a key player in achieving the program’s objectives, which include an initiative to reduce the Saudi society’s dependency on cash and increase the proportion of digital financial transactions.



Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
TT
20

Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices gained on Thursday as fears of an escalating conflict between Israel and Iran drove investors towards the safe-haven metal, while platinum scaled its highest level since September 2014.

Spot gold was up 0.2% at $3,374.49 an ounce at 1100 GMT US gold futures fell 0.5% to $3,391.00.

"We're seeing some haven flows in gold, which is really not surprising given what's happening ... with the fighting between Iran and Israel," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Equity markets have dipped, which is also supporting the precious metal, Razaqzada added, Reuters reported.

Israel said on Friday it had struck Iran's only functioning nuclear power plant on the Gulf coast, potentially a major escalation in its air war against Iran.

Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but have slowed their overall outlook for rate cuts in response to a more challenging economic outlook.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.

Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment.

In other metals, platinum lost 2.5% to $1,289.71, having risen to its highest level since September 2014 earlier in the session.

Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives, analysts say.

"The supply-demand dynamics at play in the platinum market do hint at there being further upside in store for the price," KCM Trade Chief Market Analyst Tim Waterer said.

Palladium lost 1.1% to $1,036.74, while silver fell 1.2% to $36.31 per ounce.