“Visa”: Digital Payments Reach 85% of Retail Payments in Saudi Arabia

Ali Bailoun, Regional General Manager at Visa for Saudi Arabia, Bahrain, and Oman, stated that digital payments now account for around 85% of retail payments in the Kingdom, in an indicator of an accelerating shift from cash to electronic payment methods. This figure indicates that the vast majority of retail purchases in Saudi Arabia are now executed via cards, applications, or electronic transfers.

Bailoun added that the next phase of growth will be driven by three key trends: e-commerce payments, small and medium enterprise (SME) payments, and cross-border money transfers. This means that the area for expansion is moving from traditional stores to digital channels, online trade, and cross-border financial services.

These figures demonstrate the magnitude of the transformation in payment behavior within Saudi Arabia, as consumers and businesses increasingly turn to cards and digital wallets instead of cash. This shift represents a foundation for further growth in digital financial services, from instant payments to digital lending.

For small and medium enterprises, the expansion of digital payments opens a wider door to selling online and reaching customers beyond local borders, connecting the growth of this sector to the development of payment infrastructure and cross-border transfer services. The announced figure remains issued by a Visa executive and not by an official authority.

What do these terms mean?

Digital Payments: Payment operations executed using cards, applications, or electronic transfers instead of paper cash, including in-store and online purchases.

Small and Medium Enterprises: Companies whose business volume falls below a specific threshold defined by official authorities, serving as a primary driver of employment and growth in Arab economies.

Cross-Border Transfers: Sending money from one country to another, whether for worker remittances or payment for goods and services between businesses.