Saudi Digital Payments Growth Surges to 79% in 2024
Saudi Arabia has crossed a major threshold in its financial transformation journey, achieving a 79% cashless transaction rate in 2024—surpassing its 2025 target ahead of schedule. This milestone marks a pivotal moment in the Kingdom’s push toward a digitally empowered economy, driven by strategic leadership, regulatory innovation, and robust infrastructure.
Saudi Arabia’s digital payments landscape is not only expanding in adoption but also in market value. In 2025, the national payments market reached USD 181.13 billion, with projections pointing to USD 298.26 billion by 2030—driven by a steady 10.49% compound annual growth rate. This momentum reflects the impact of Vision 2030’s cashless ambitions, the rollout of real-time settlement infrastructure, and the rise of open banking standards.
While point-of-sale transactions still dominate, online channels are gaining ground through account-to-account transfers, e-commerce acceleration, and innovations like tokenized pilgrim wallets. Regulatory clarity around payment initiation and digital currency pilots, combined with youth-led adoption of buy-now-pay-later services, are reshaping consumer behavior and fueling Saudi Digital Payments Growth across sectors and regions.
Over 280 Fintech Firms Power the Ecosystem
By mid-2025, the number of fintech companies operating in Saudi Arabia exceeded 280, reflecting the sector’s rapid expansion. This growth is fueled by a shift from traditional banking models to a dynamic, tech-driven financial ecosystem. The surge in fintech activity is central to Saudi Digital Payments Growth, enabling broader access to financial services and accelerating innovation.
SAMA’s Four-Pillar Strategy Drives Digital Excellence
The Saudi Central Bank (SAMA) has anchored its fintech strategy on four pillars: resilience, excellence, influence, and development. Through adaptive regulations, licensing pathways, and supervisory frameworks, SAMA fosters responsible innovation while maintaining financial stability. These efforts have positioned Saudi Arabia as a credible global fintech hub and a leader in digital payments transformation.
Fintech Saudi and Makken Empower Startups
Since launching Fintech Saudi in 2018, SAMA and the Capital Market Authority have built foundational infrastructure to support the sector. In 2023, they introduced the Makken Fintech Enablement Program, offering startups access to advanced technology, cloud services, and cybersecurity support. These initiatives are instrumental in sustaining Saudi Digital Payments Growth and nurturing entrepreneurial talent.
Regulatory Sandbox Graduates 25 Licensed Fintechs
SAMA’s Regulatory Sandbox has admitted over 70 fintechs, with more than 25 graduating into fully licensed providers. This controlled environment allows companies to test innovative models safely, shaping key regulations around electronic money institutions (EMIs), crowdfunding, and digital payments. The sandbox is a cornerstone of Saudi Arabia’s structured approach to fintech development.
Open Banking and Microfinance Expand Inclusion
Saudi Digital Payments Growth is not just about technology, it’s about inclusion. SAMA has introduced frameworks for microfinancing and debt crowdfunding, extending services to underserved individuals and SMEs. Open banking and micro-savings tools are making financial services more personalized and accessible, aligning with Vision 2030’s goals of economic diversification and social equity.
Global Platforms Integrate with National Systems
Saudi Arabia’s payment infrastructure is attracting global players. The launch of Google Pay via the national MADA system and the upcoming integration of Alipay+ by 2026 highlight the Kingdom’s commitment to interoperability and international standards. These partnerships enhance the competitiveness of the domestic market and support Saudi Digital Payments Growth on a global scale.
Operational Resilience Ensures Long-Term Stability
To safeguard its fintech ecosystem, SAMA enforces strict regulations on cyber-risk management, business continuity, and operational resilience. Financial institutions and third-party providers must comply with these standards, ensuring consistent governance and security. This resilience is key to sustaining Saudi Digital Payments Growth amid global technological disruption.
AI and Big Data Fuel Responsible Innovation
Emerging technologies like AI and big data are being harnessed to drive innovation while protecting consumer trust. SAMA follows national guidelines for AI adoption, emphasizing reliability, privacy, and security. Through ongoing dialogue with industry stakeholders, the central bank ensures that fintech innovation remains purposeful and aligned with real market needs.
Vision 2030 Anchors the Digital Payments Agenda
Saudi Digital Payments Growth is deeply intertwined with Vision 2030. By promoting financial inclusion, supporting SMEs, and enhancing efficiency, fintech solutions contribute to the Kingdom’s broader goals of sustainable growth and economic diversification. SAMA’s strategy ensures that innovation is not only well-regulated but also impactful and future-ready.
Also Read: Saudi E-commerce Market Accelerates Toward a Digital Future
📘 FAQ: Saudi Digital Payments Growth
1. What does the 79% digital transaction rate mean for Saudi Arabia?
It means that 79% of all financial transactions in the Kingdom were conducted digitally in 2024, surpassing the 2025 target ahead of schedule. This reflects widespread adoption of mobile wallets, real-time payments, and digital onboarding.
2. How many fintech companies are currently operating in Saudi Arabia?
As of Q2 2025, more than 280 fintech firms are active in the Kingdom, contributing to innovation, financial inclusion, and the expansion of digital payment services.
3. What role does SAMA play in Saudi Digital Payments Growth?
The Saudi Central Bank (SAMA) leads the transformation through structured regulations, licensing pathways, and innovation frameworks like the Regulatory Sandbox. Its strategy is built on resilience, excellence, influence, and development.
4. What is the Regulatory Sandbox and how does it support fintechs?
SAMA’s Regulatory Sandbox allows fintech startups to test new business models in a controlled environment. Over 70 companies have participated, with more than 25 graduating into fully licensed providers.
5. How is Saudi Arabia integrating global payment platforms?
Saudi Arabia has partnered with platforms like Google Pay and Alipay+, integrating them with its national payment system (MADA). These collaborations enhance interoperability and serve both residents and international visitors.
Also Read: Saudi Retail Digital Trends: Small-Town Stores Go National
