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Jeddah - Yasmine El Tohamy - Saudi Arabia’s point-of-sale transactions grew 20% to reach $14.33bn in February
RIYADH: Payments made through point-of-sale terminals in Saudi Arabia experienced a notable 20 percent annual increase in February, totaling SR53.72 billion ($14.33 billion), the latest data showed.
According to data released by the Saudi Central Bank, the largest portion of POS spending in February was allocated to beverages and food, comprising 15.7 percent of the total at SR8.43 billion. This was followed by spending on restaurants and cafes, accounting for 15 percent of the total and reaching SR8.02 billion.
A POS is where purchases are made in a store, like when items are paid for at the cash register or when a card is swiped.
The rise in POS payments mirrors the Kingdom’s drive toward digital transformation and its investments in a technology-centric future. The nation is actively seeking initiatives to nurture sustainable urban development and a thriving digital economy.
More than 93 percent of those sales use near-field communication technology through mobile phones and cards.
NFC methods have transformed contactless payments in Saudi Arabia, enabling transactions to be completed with a mere tap of a card or smartphone. Its popularity stems from its rapidity and hygienic benefits, minimizing the necessity for physical contact.
As consumer acceptance grows, businesses are quickly incorporating NFC technology into their payment systems. This approach aligns with customer desires for efficiency and speed, and integrates sophisticated security features to safeguard against fraud.
Data from the central bank revealed the closure of 349 ATMs since February 2023. Conversely, the issuance of 5.4 million cards during this period suggests a shift from physical cash toward digital methods.
The data also showed a notable increase in spending on miscellaneous goods and services, including personal care items, supplies, maintenance, and cleaning, which made up the largest share at 20 percent of the total rise in POS sales during the mentioned period. This category constituted 12 percent of the total expenditure in February 2024, amounting to SR6.5 billion and experiencing a growth rate of 39 percent.
The POS payments for miscellaneous goods showed the highest growth rate among all categories, with hotels following closely behind, increasing by 28 percent during this period to reach SR1.52 billion.
Additionally, beverages, food, and jewelry each experienced a boost of 23 percent and 21 percent, respectively.
Riyadh dominated the POS sales, accounting for 34 percent of the total, followed by Jeddah with 14 percent.
The capital city’s population surged from half a million in 1972 to over 7.8 million in 2024. This growth, coupled with increased urbanization and the concentration of numerous international headquarters, has positioned the municipality as a bustling hub where most sales transactions occur.
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