According to the Saudi Press Agency, the spread of Covid-19 will result in a 75% increase in e-payment transactions in Saudi Arabia in 2020, compared to the previous year.
Fintech The National Fintech (financial services technology) Adoption Survey Results Report 2021 from Saudi Arabia also reported a 30 percent decrease in cash withdrawals from ATM machines during the same time period.
One of the most significant findings of the poll was that the majority of the population used cash once a week, while 25% of respondents used cash once a month and 18% of respondents had not used cash in more than six months.
Meanwhile, 93 percent of those who answered the survey said they primarily do their banking transactions online.
Founded in April 2018 as a collaboration between the Saudi Central Bank and the Capital Market Authority, Fintech Saudi serves as a catalyst for the development of the fintech industry in Saudi Arabia.
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