Saudi Arabia Profile: Covid-19 Curfew Has Effect On Saudi Arabia Payments

23 Oct, 2020 . 4 minutes



Saudi Arabia’s population was estimated at 34.8 million in 2020. The average highest online spending is from those aged between 25 years and 34 years at 31.4 percent last year. B2C ecommerce users are expected to grow 5.8 percent year on year and are expected to increase to 21 million users in 2020.

Internet penetration rose to 93 percent in January - up 15 percent from 2019. B2C ecommerce users are expected to reach an average transaction value of US$527.7 per user and total transactions to grow to US$11.07 billion by the fourth quarter of 2020.

The adoption of digital payments has been increasing since Covid-19. This will have an effect on the kingdom's payment systems. The Saudi Press Agency reported a significant shift in consumer behaviour towards online shopping - up 400 percent in the first quarter of 2020.

While Covid-19 caused some disruption the trend of digital payments could have lasting implications. The Saudi Arabian Monetary Authority instructed banks to upgrade transfer limits through digital wallets from US$2,667 to $5,333 and purchase limits through point of sale units from US$26.67 to US$80.




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