Visa: 85% of retail payments in Saudi Arabia are now digital
About 85% of retail payments in Saudi Arabia are now digital, according to Visa's country manager, and visitors spend about SAR 10,400 per trip.
Digital payments now make up about 85% of retail payments in Saudi Arabia, according to Ali Bailoun, Visa's senior vice president and country manager for Saudi Arabia, Bahrain and Oman, speaking to Argaam.
He said the next growth will come from online shopping, payments by small businesses and money sent abroad. Visa's own research found that international visitors spend an average of about SAR 10,400 per trip to the Kingdom, with accommodation, transport and food the largest shares, and that 42% of visitors still carry some cash.
The same research found that 54% of remittance users in Saudi Arabia send money through online banking or banking apps.