Media ININ Economy We Trust
Media In / Riyadh 18 July 2019
In the first half of the year 2019, the national payment system “MADA” recorded an unprecedented record in the record of POS transactions, up 47% compared to the first half of last year. Total operations in the first half of this year amounted to 688 , 4 million transactions, with a total value exceeding 136.7 billion riyals.
These figures represent an extension of the POS service from a growing monthly growth in the number of transactions over the last three years compared to the number of ATM transactions. This reflects the growing dependence on electronic payments among the Kingdom’s population, ATMs recorded 621 million transactions during the first half of 2019, a decrease of 6% compared to the same period last year.
Accompanied by these rises with the steady improvement in the characteristics of service POS and customer confidence, as decreasing the time it takes the payment process through the device to only 3 seconds, which represents a significant increase in the efficiency of the service as a result of the ongoing development processes taking place in the infrastructure of the system of national payments “over” And the services provided by member banks, with a total increase in the number of point of sale devices serving the commercial sector by 11% after reaching 391,828 devices by the end of June 2019 compared to 351,645 devices were in service at the beginning of the year.
These positive jumps in the e-payment process in the Kingdom are a reflection of efforts to achieve the objectives of the Financial Sector Development Program towards a non-monetary community by providing more secure, reliable and effective electronic payment options
